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. 

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 are prospects of a further there has been a secondary correction which argues for a deeper retracement. 

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.