GBP/CAD is being rejected at monthly resistance which opens the case for the downside. Bears can be enthused by the restest at the countertrendline resistance but 4HR price action is dubious. GBP/CAD has failed to break out of from the reverse heand and shoulders on the monthly chart and is rejected at a strong level of supply. The price is making signs for a breakout to the downside on both the weekly and daily chart but there is less conviction on the lower time frame. The following is s topdown analysis that illustrates the downside bias. Monthly chart The price failed to break the resistance once again which is invakudting the reverse head and shoulders. Weekly chart The weekly chart shows that there are prospects of a move above the trendline to the prior structure. Weekly chart 38.2% Fib confluence However, there are many confluence of the the 28.2%, the counter trendline and prior nearterm structure. Daily chart The daily chart has already offered a number of confirmations that the counter trendline and confluence resistance structure is solid on the restest in what appears to the formation of wave-3. 4HR chart reverse head and shoulders risk The 4-hour chart is, however, seeing the price test back above the 21 moving average. The risk here is a formation of the reverse head and shoulders and a break to the upside above structure in choppy conditions. The price action fro here should be monitored for a test of the recent lows. A break and restest could offer prospects of a bearish setup with a lower target. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BoJ Monetary Policy Meeting Minutes: Solvency problems for some firms and financial system stability FX Street 2 years GBP/CAD is being rejected at monthly resistance which opens the case for the downside. Bears can be enthused by the restest at the countertrendline resistance but 4HR price action is dubious. GBP/CAD has failed to break out of from the reverse heand and shoulders on the monthly chart and is rejected at a strong level of supply. The price is making signs for a breakout to the downside on both the weekly and daily chart but there is less conviction on the lower time frame. The following is s topdown analysis that illustrates the downside bias. Monthly chart The price… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.