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  • 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.