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Differences between the Foreign Exchange Market and Stock Market May 23, 2022
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British Pound Sterling (GBP)

Mira Team by Mira Team
December 19, 2020
in Forex Terms
Reading Time: 1 min read
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Definition – What does British Pound Sterling (GBP) mean?

The British pound sterling (GBP) is the official currency used in the United Kingdom. The pound sterling is considered to be one of the major currencies and is paired with all the other major currencies, including the U.S. dollar (USD), Japanese yen (JPY), Swiss franc (CHF), euro (EUR), Australian dollar (AUD) and Canadian dollar (CAD). It also acts as a base currency for many less commonly traded and exotic currencies.

ForexTerms explains British Pound Sterling (GBP)

The United Kingdom is one of the world’s largest economies. Although it is a member of the European Union (EU), the UK has chosen to keep the pound sterling as its currency. The economy of the UK is very similar to the U.S. in that services play a larger role than commodities.

The pound sterling had the unfortunate role of being the target currency of the greatest currency trade in history. On September 16, 1992, currency speculators lead by George Soros forced the British government to pull out of the European Exchange Rate Mechanism (ERM) – a precursor to the EU and euro. Soros made over $1 billion on the trade and went down in history as the man who broke the Bank of England.

Since then, the pound sterling has struggled with stability due to debt issues that have plagued many EU members.

ⓘ Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite.

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