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What is the mid-market rate of GBP (British Pound Sterling) / USD (US Dollar) on Thursday May 28, 2020

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Ready for the mid-market exchange rate of GBP (British Pound Sterling) / USD (US Dollar) for Thursday May 28, 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.

Thursday May 28, 2020 1 GBP (British Pound Sterling) is 1.227943 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

Forex trading is risky and complicated. There are countless pairs to choose from and it’s easy for a novice trader to become overwhelmed. Information is power and Born2Invest has curated some beginners forex trading tips to help you get started.

Currency pairs are the foundation of forex trading. Whenever you purchase one currency you sell another. Every pair has a base currency, in this example GBP (British Pound Sterling) and a quote currency, or USD (US Dollar).

A currency pair represents how much quote currency, or USD (US Dollar), that needs to be spent in order to purchase one unit of GBP (British Pound Sterling), the base currency. In the current example you would need to spend 1.227943 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?

While cryptocurrency trading shares many similarities to forex trading there are some key differences. Yes both markets are volatile and have the idea of “pairs” but cryptocurrencies are broadly unregulated and fall into a larger number of categories. The crypto market is complicated and very difficult for a novice investor to navigate.

To make matters more confusing most cryptocurrency trades take place on exchanges. These are typically unregulated and come with a higher degree of risk than using a broker. Many traders opt to use a CFD broker with crypto pairings.