For the second week in a row, the pair failed to rise but it overcame some of the losses in the last week after recording its lowest level in 13 weeks at 1.2037.
Most important data for this week
On Tuesday at 9:30 GMT, UK consumer price index is expected to record 1.4% when the previous reading was 1.2%
Also on Tuesday, UK Prime Minister May speaks about Brexit
On Wednesday at 13:30 GMT, US consumer price index is expected to record 2.2% while in the previous reading it recorded 2.1%
Also on Wednesday 13:30 US Consumer price index ex food and energy is expected to record 2.2% while in the previous reading was 2.1%
On Friday at 14:00 GMT is the United States Presidential Inauguration.
Technical
If the pair stays above the level of 1.2200 it may rise to 1.2415 and if it stablizes above it the next level will be 1.2500
In contrast, breaking the level of 1.2200 may push the pair to 1.2037 and if it breaks, the next level will be 1.2025