The GBP/USD currency pair chart continues its positive momentum in recording a new record high for the 3-year trading period.
If observed, the price leveled off slightly on Wednesday and Thursday above the 1.34000 level before the upward pattern continued on Friday.
The pound continued to move strongly at the end of the week, which was also supported by the release of UK retail sales data in the last trading session.
UK retail sales for April jumped to 1.2% compared to the 0.3% forecast, showing the best monthly growth since January driven by an increase in food stall sales after a decline in February and March.
In addition, the depreciation of the US dollar is increasingly paving the way for the pound to move well in the market as concerns are directed towards the trade war between the United States (US) and Europe.
Last Friday, the price increase continued to exceed the target level of 1.35000 after resting around the 1.34000 zone previously.
Reaching a high of around 1.35300 at the close of the last session last week, the price appeared to continue its rise at the opening of the Asian session this morning (Monday).
The continued rise managed to approach 1.36000, but the momentum slowly disappeared as we headed towards the opening of the European session.
The price movement remained showing a bullish signal which was seen to remain above the Moving Average 50 (MA50) support line on the 1-hour timeframe of the GBP/USD chart.
If the rise manages to overcome the current resistance at 1.36000, the higher price target will shift to 1.37000.
Meanwhile, if the price decline resumes, the 1.35000 level is the closest to be focused.
A continued decline lower and then breaking through the MA50 support line, will trigger a bearish signal with the risk of further declines.
