GBPUSD: 1.5800 Beckoning

Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.

 

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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