GBP is the short form for the genuine British Pound. It became the governmental exchange of the United Kingdom in 1707, but it was formed as a currency in 760. It is the oldest currency of the world. It is represented by the pound sign £ and also called “quid”. The British pound has one of the maximum trading volumes in the world. In international market its trading level is for about 13% on daily basis. The mainly familiar currencies that trade in versus of the British Pound are the euro (EUR/GBP) and the U.S. dollar (GBP/USD).
The GBP/USD exchange pair is the short form for the British pound and U.S. dollar. It shows amount of U.S. dollars in one British pound. Trading of GBP/USD pair is also called “Cable”. Increases and decreases the price of the British pound and U.S. dollar with respect to each other and other currencies has impact on GBP/USD.
1 GBP = 1.39 U.S. Dollar
Increase and decrease in rates of U.S dollar and GBP with respect to each other and other currencies have impact on GBP/USD. So difference of interest rates of federal reserve (Fed) and the bank of Canada (BoC) will have impact the rates of these currencies when compared to each other.