Despite moving under pressure this week, the Pound currency was still able to record strengthening against the US dollar towards the end of the week.
A bumpy ride for the Pound faced with UK jobs data on Tuesday followed by UK inflation data on Wednesday and on Thursday yesterday, UK economic growth data was published.
With the uncertainty of the performance of the US dollar also helped the movement of the Pound despite the strengthening pressure of the US dollar in the New York session yesterday.
Looking at the price chart of the GBP/USD currency pair, there was a surge last Tuesday after the price broke through the resistance at the 1.28000 zone.
On Thursday yesterday, the price was pushed back to the 1.28000 zone but managed to bounce back up to the height of 1.28700.
The pattern of upward price movements continued today (Thursday), albeit slowly but has managed to record the latest highs that are getting closer to the target level at 1.29000.
A sustained price movement above the Moving Average 50 (MA50) support line on the 1-hour timeframe on the GBP/USD chart signals a continuation of the bullish trend.
A higher increase after the level of 1.29000 is passed will target around 1.30000.
However, if there is a drop back below the MA50 line, the price can be pushed back to around the 1.28000 zone.
For further declines, the price is expected to retrace the previous week's concentration zone at 1.27000.
See the picture of the GBP/USD pair price chart below for your technical analysis reference.
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