Technical Analysis: GBPUSD pierces 11-week-old horizontal resistance ahead of UK PMIs
With the cautious optimism surrounding Brexit and the coronavirus (COVID-19) vaccine favoring the USD weakness, GBPUSD crosses the key upside hurdle while extending the uptrend beyond 1.3315/20 key resistance, now support, comprising multiple highs marked since September 04. Although the market's positive sentiment favors the pair's further upside, RSI conditions can probe the bulls around the 1.3400 round-figure prior to directing them towards the yearly top near 1.3485.
Meanwhile, a downside break of 1.3315 can bounce off a 10-day SMA level of 1.3240, failing to which could recall October's high of 1.3176 on the charts. It should, however, be noted that any further weakness past-1.3176 will eye the 1.3000 threshold but an ascending trend line from June 29, at 1.2955 now, can challenge the Cable bears afterward.