- GBP/CAD bears are stepping in below the hourly structure.
- The daily chart is offering a bearish bias as well.
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.
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.
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.
The bears are in control below the bearish structure and the 21-SMA with downside Momentum in their favour also.
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