On a 4-hour graph the GBP/USD is testing the support level of 1.5500. Earlier the currency pair dropped sharply after it after it failed to break out the resistance level of 1.5900. In case the support level of 1.5500 is broken through the downside movement with the target to 1.5300 is expected.
The viewpoint is still bearish, since earlier the pair has formed the combination of candlesticks Bearish Engulfing, which indicates the downside movement, confirmed further.
This combination of candlesticks developed after the currency pair could not break out the resistance level near 1.6085-1.6096, which means that the bulls did not manage to solidify here and the bears started increasing their influence.
A breakthrough of 1.5841 means that this point of view is correct.
