The currency pair declined last week and has broken down the 1,2372 support area. The main reason for this downtrend was the situation in the UK Labor Market. The Unemployment Rate has reached 4.0%. UK PMIs were weak as well, but they were already included in the price by Thursday.

We advise traders to pay more attention to the FOMC meeting this week. It may have a significant impact on the market. The price should finish testing 1,2372.