GBP/CAD Price Analysis: Bears take back control and target weekly demand area

GBP/CAD has melted to the downside in accordance with the broader bear trend.
Bears will be looking for a discount to re-engage and target the weekly demand area.

Ross J Burland FXStreet

As per the prior analysis from 22/03, GBP/CAD Price Analysis: Bears eye a downside extension, the price has indeed shifted to the downside.

Prior analysis, 4-hour chart

From the 4-hour chart perspective, 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.

Live market, 4-hour chart

The price is now below the 21-SMA and Momentum is bearish also.

Bears will be looking for a correction of the spike lower for a discount in targetting a break of support structure on the next bearish impulse for a lower low.

This would be in a confluence of the longer-term chart's bearish market structure and broader bear trend.

Weekly bearish trend

1-hour chart

The price is retreating towards old support that would be expected to act as resistance.

There is also a confluence with a 50% mean reversion.

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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