The $Omh^2(z_i,z_j)$ two point diagnostics was proposed as a litmus test of $\Lambda$CDM model and measurements of cosmic expansion rate $H(z)$ have been extensively used to perform this test. The results obtained so far suggested a tension between observations and predictions of the $\Lambda$CDM model. However, the dataset of $H(z)$ direct measurements from cosmic chronometers and BAO was quite limited. This motivated us to study the performance of this test on a larger sample obtained in an alternative way. In this Letter, we propose that gravitational wave (GW) standard sirens could provide large samples of $H(z)$ measurements in the redshift range of $0Comment: 9 pages, 5 figures, 2 tables. Comments are welcome!