The UK will release Current Account, GDP and Net Lending to Individuals data and the US will publish Chicago Purchasing Managers Index.
The support rests at 1.22770 with resistance at 1.23280 which both lines are below the weekly pivot point at 1.23550. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 200 and the EMA of 100. The RSI is growing towards 50 level and the Stochastic is moving in low ranges. The MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
Considering the correction pattern, short positions are recommended towards 61.8 level of Fibonacci at 1.22000.