The GBP/USD pair is trading in the sideways manner above 1.42 levels after rallying for five consecutive sessions.
Dollar stays on back foot
Consequently, GBP/USD rose from 1.4107 to 1.4248 levels, before ending the week at 1.4222 levels. The spot is now trading around 1.4210 levels.
The US dollar remains on a back foot amid rally in oil prices and due to weak wage growth figures released on Friday. The payrolls blew past expectations on Friday, providing a temporary boost to the US dollar; however, a 0.1% m/m drop in the wages triggered a broad based USD sell-off.
GBP/USD Technical Levels
(Market News Provided by FXstreet)
The immediate resistance is seen at 1.4252 (50% of 1.4669-1.3835), above which the pair could test 1.4297 (weekly 10-MA). A break higher would expose 1.4361 (50-DMA). On the other hand, a break below 1.42 could see the pair test post payrolls low of 1.4107. A break lower would expose 1.4032 (23.6% of 1.4669-1.3835).