It is still early to say that Gbpusd weekly support at 1.5990 is breached. However, signs of increased weakness are becoming evident. For instance, a look at the 4hr chart will reveal a strong bearish close below 1.5990 for the first time since the weekly right shoulder was breached back in early February. We are now seeing a tentative retest of this broken support on the 4hr timeframe. 1.6000 (4-hour tweezer tops), and 1.6060 (broken support line on daily) have now become major levels that need to be breached for the bulls to regain some ground. I had entered a long trade at this support, and I will be looking to exit those longs  at 1.6000 level.  A failure to breach 1.6000 could set the stage for a pullback towards the upward sloping daily trendline at 1.5820s.

Thanks for reading. Safe trading!

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