GBP/CAD Price Analysis: Bearish Head & Shoulders in the making

GBP/CAD bears are stepping in below the hourly structure.
The daily chart is offering a bearish bias as well.

Ross J Burland FXStreet

GBP/CAD is on the verge of a downside extension and prospects of a bearish weekly close.

The following is a top-down analysis that offers the illustration of the bearish thesis.

Weekly chart

The weekly chart shows the current week could be in for a bearish close, with, at the time of writing, just 20 hours to go until the close.

Daily chart

The Daily chart is in the process of making a topping pattern as a Head & Shoulders following a recent correction of the latest bearish impulse to the 61.8% Fibo.

A downside correction can therefore be expected.

Hourly chart

The bears are in control below the bearish structure and the 21-SMA with downside Momentum in their favour also.

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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