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What is the mid-market rate of GBP (British Pound Sterling) / USD (US Dollar) on Wednesday June 24, 2020

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Ready for the mid-market exchange rate of GBP (British Pound Sterling) / USD (US Dollar) for Wednesday June 24, 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.

Wednesday June 24, 2020 1 GBP (British Pound Sterling) is 1.249172 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 1.249172 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.

What are the most traded forex pairs in the world?

  1. EUR/USD (Euro/US Dollar)
  2. USD/JPY (US Dollar/Japanese Yen)
  3. GBP/USD (British Pound Sterling/US Dollar)
  4. AUD/USD (Australian Dollar/US Dollar)
  5. USD/CAD (US Dollar/Canadian Dollar)
  6. USD/CNY (US Dollar/Chinese Renminbi)
  7. USD/CHF (US Dollar/Swiss Franc)
  8. USD/HKD (US Dollar/Hong Kong Dollar)
  9. EUR/GBP (Euro/British Pound Sterling)
  10. USD/KRW (US Dollar/South Korean Won)

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.

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