Daily pound to dollar (GBP/USD) Fibonacci retracement for December 7, 2023
Shortly after reaching the lowest price ever recorded, the GBP/USD rate was close to returning to 23.6 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 often set as profit targets. When these retracements are met, traders will act.