FX.co ★ Candlestick analysis of the GBP/USD for December 10

On a 4-hour graph the GBP/USD rebounded to the upper limit of the downtrend. However, it should be mentioned that if the resistance level of 1.5900 is breached, then short positions should be closed, as it will lead to rise to 1.6096. The viewpoint on the currency pair is still bearish, since earlier the combination of candlesticks Bearish Engulfing has developed; these candlesticks indicate the decline, confirmed further.
This combination of candlesticks emerged after the pair failed to 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 to increase their influence.
A breakthrough of the 1.5841 level means that this point of view is correct.
In case the support level of 1.5500 is broken through we expect the decrease with the target to 1.5300.