On a 4-hour graph the GBP/USD is continuing to move to the upper limit of the downtrend after it failed to break out the support level of 1.5500. 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 through 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.
The breakout of 1.5841 means that this point of view is correct.
In case the support level of 1.5500 is breached we forecast the decline with the target to 1.5300.
However, it is worth noting that if the resistance level of 1.5900 is broken through, then long positions should be closed, as it will lead to increase to 1.6096.
More analysis on instaforex.com