Daily pound to dollar (GBP/USD) Fibonacci retracement for June 4, 2024

Published by
Raynor de Best,
Jun 5, 2024

Due to the weakening pound against the dollar, the GBP/USD rate reached a 76.4 percent 50-day Fibonacci. Fibonacci - based off the famous infinite math sequence from 13-century Italy - is a metric often used in FX trading to find key levels of support and resistance. Essentially, the sequence potentially reveals thresholds on which traders can buy or sell assets and are frequently set as profit targets. When these retracements are met, traders will act.

British pound sterling (GBP) to U.S. dollar (USD) Fibonacci retracement as of June 4, 2024

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Release date

June 2024

Region

United Kingdom, United States

Survey time period

June 4, 2024

Special properties

Close price; Fibonacci based on previous 50 days, and downward sequence

Supplementary notes

Figures have been rounded.

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