GBPCAD long view 1D TF, Fibonacci, trend line

In this example, we see the pair GBPCAD and the movement in the bearish trend. We can use Fibonacci levels to follow the pullback within the bearish trend. Once the pair forms a lower low, we can then place the Fibonacci on the chart and monitor the potential pullback. Pair GBPCAD is moving according to a certain pattern because the previous two pullbacks stopped in the zone of 61.8-78.6% Fibonacci levels. We are looking for a lower low in the -27.2% Fibonacci zone. The previous lower low confirmed our analysis, and we are now in the same position as GBPCAD formed a new lower low in early April in the -27.2% Fibonacci level zone. We are currently in lateral consolidation, and we now expect a potential new bullish pullback towards the 61.8-78.6% zone.