The chart of the GBP/USD currency pair returned to its previous horizontal zone range as the market reaction at the end of last week was influenced by the release of the latest United States (US) NFP jobs report.
The increase in employment in October recorded 12,000, the lowest figure since 2020 but the US Bureau of Labor Statistics stated that the figures published in the report did not reflect the actual data following the situation affected by the hurricane disaster in some areas in the US.
However, other components were not affected with average incomes well ahead of forecasts and the unemployment rate remaining unchanged in line with market forecasts.
On the GBP/USD chart, the price was seen to increase at the beginning of the published report following the decline in the US dollar.
After successfully staying above the 1.29000 level, the price has made an increase to around 1.29800 before retreating back down towards the end of the last session of the week.
Closed around 1.29200, the price opened higher at the opening of the Asian session earlier this morning at 1.29600.
The price then showed an improvement over last Friday's high and approached 1.30000.
Having been an important resistance zone in the past week, the 1.30000 level will be tested for price to break through before giving a clearer signal for further upside.
The next increase if continued is expected to reach around the 1.31000 level.
However, if the increase fails to continue, the price that bounced down from the 1.30000 zone is likely to fall back to around 1.29000.
A drop lower than that could push the price to record a new 13-week low above the level hit last week.
