The British pound sterling is also on track to post declines following a period of consolidation since last week.
Price action is currently testing the lower trendline of the ascending wedge pattern. A continuation to the downside could potentially open the way for the GBPUSD to test the 1.3500 level of support.
However, for this to materialize, the GBPUSD will need to post a convincing breakdown lower.
Given that price action closed rather flat on a weekly basis, a bearish close this week could potentially strengthen the downside bias.
This could mean that the cable could be looking to post further declines in the medium-term outlook.