The pound sterling traded higher against the US dollar earlier this week while the US dollar moved weaker in the market due to positive vaccine sentiment which is still a concern.
However, concerns over the spread of the pandemic outbreak, which recorded the highest death toll of 11,752 last Friday, have left investors wary of somewhat mixed sentiment.
Regarding the development of Brexit, European Commission President Ursula von der Leyen informed that the development was good in negotiations although he added that there were still some things that needed to be finalized.
Markets are awaiting the announcement of Brexit this week in the hope that the UK and the European Union (EU) can reach an agreement.
That expectation was a factor driving the increase in Pound Sterling trading by showing an increase in the GBP / USD price chart past the resistance zone of 1.30000 as soon as this week's trading begins.
The resistance zone had previously failed to be penetrated since being tested for the past 2 weeks, but the price managed to break through it at the beginning of today's Asian session and recorded the latest 11-week high.
As of the beginning of the European session, prices are still moving slowly around the 1.33300 high while markets are waiting for data for the UK manufacturing and services sector at 5.30pm local time.
If the bullish momentum is maintained, the high level of 1.34000 will be directed to the previous price to the level of 1.35000 which was the price resistance in last September's trade.
However, if the price falls again below the level of 1.30000, investors will see the bearish trend signal on the GBP / USD chart.
A lower drop would lead to the 1.32000 level which was the price support level in last week's trading.
