GBP/CAD Price Analysis: Bulls taking back control, significant correction on the cards

• GBP/CAD is on the verge of a bullish correction. 
• Bulls can target at least a 38.2% Fibo or a 50% mean reversion higher up.

As per the prior analysis, GBP/CAD Price Analysis: Bearish Head & Shoulders in the making, the cross melted to the downside and a correction could now be on the cards below the bearish structure. 

Prior analysis

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 therefore be expected. 

Hourly chart

Live market, daily chart

Bulls can target a daily correction back to old support which has a confluence of the 50% mean reversion of the bearish impulse. 

Hourly chart

The 8 open and 8 close moving averages are crossing in a bullish environment.

On a restest of resistance structure that would be expected to run support, the bulls can target the 61.8% Fibonacci confluence at structure ahead of the daily target.