GBP/CAD Price Analysis: Bearsih 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.  

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 therefor be expected.  

Hourly chart

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