GBP/CAD Price Analysis: Bears eye a downside extension

GBP/CAD bulls remain in control while above 4-hour support.
Bears have marked the upside structure to re-engage.

Ross J Burland FXStreet

GBP/CAD's market structure is longer-term bearish but shorter-term bullishly corrective.

The following is a top-down analysis that illustrates where the price is currently heading on a short term basis in comparison to the longer-term outlook.

Weekly chart

There are prospects of a 50% mean reversion on the longer-term charts prior to a downside extension.

Daily chart

On the other hand, the price has already corrected a 50% mean reversion on the daily chart, although there has been a secondary correction that argues for a deeper retracement.

4-hour chart

From the 4-hour chart perspective, however, the bulls are in control until a break of the current support structure.

A final break of this, then the downside will be in play.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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