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What is the exchange rate of GBP (British Pound Sterling) / USD (US Dollar) on Sunday September 6, 2020

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Ready for the mid-market exchange rate of GBP (British Pound Sterling) / USD (US Dollar) for Sunday September 6, 2020?

The current rates for GBP (British Pound Sterling) / USD (US Dollar) are available in this article. As a top finance news site the Born2Invest team has analysed the latest forex market data to bring you live information that enables you to make the right forex trading call every day.

Sunday September 6, 2020 1 GBP (British Pound Sterling) is 1.32895 of USD (US Dollar) .

Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.

Forex pairs explained

Considering making a trade? Forex is one of the most volatile markets in the world and there are hundreds of currency combinations to choose from. Understanding how the market works is key and we’re here to help you.

Currencies are always traded in pairs. When you buy or sell one currency you automatically buy or sell another. In every currency pair there is a base currency, in this case GBP (British Pound Sterling) and a quote currency USD (US Dollar).

The price displayed for a currency pair represents the amount of quote currency, or USD (US Dollar) you will need to spend to purchase one unit of the base currency GBP (British Pound Sterling) In this example that means you need to spend 1.32895 of USD (US Dollar) in order to purchase 1 GBP (British Pound Sterling).

The three types of forex pairs

Forex pairs can be grouped into three main categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most commonly traded currencies on the market. Different publications will use different criteria but pretty much every list will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • ll Commodity currencies are currency pairs that are closely linked to commodities such as oil, iron ore, and coal. Common examples include AUD/USD and USD/CAD
  • Cross currencies include all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.

Is cryptocurrency trading the same as forex trading?

Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.

It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.