GBP Exchange Rate

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Currency Profile

The pound sterling is one of the top four most traded currencies globally and is issued under the authority of the Bank of England (BOE). The pound sterling is the oldest currency still in use and is one of the world’s top 3 reserve currencies (currencies held by governments).1 It’s also one of five currencies that make up the IMF Special Drawing Rights (XDR).


As of 2016, the Bank of England began circulating new polymer banknotes that are both more durable and more difficult to counterfeit. Since 1960, Queen Elizabeth’s portrait has been on all notes issued by the BOE.2

Major Currency

While not the most actively traded by volume, the GBP has traditionally been the highest valued currency amongst the 4 majors: USD, EUR, JPY and GBP. The popularity of the pound is due in part to location. The City of London remains one of the world’s most active centres of trading and finance, therefore the local currency holds considerable influence.

Active Trading

Popular trading pairs for GBP include GBP/USD or ‘the cable’, and GBP/EUR or ‘the chunnel’. The GBP/JPY is a volatile trading option, which has earned it the nickname of ‘the dragon’ or ‘the widow-maker’.3


At OFX, we know you earned your money through hard work and careful planning. That’s why we keep our international transfer fees low, so you get a fair deal. Banks often charge up to 5% margins on your foreign exchange transfers, plus fees. At OFX, our margins are low and our fees are minimal. If you’re tired of banks being banks, register with OFX, and build your own bottom line.


Currency Name: Pound Sterling. Also known as pounds or quid.

Currency Code: GBP

Currency Symbol: £

Central Bank: Bank of England

Countries Used In: The United Kingdom, some UK territories.

Major Unit: One pound

Minor Unit: One penny or pence

Note Denominations:  £5, 10, 20, 50, 100

Coin Denominations: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2

 


Sources

  1. http://news.bbc.co.uk/2/hi/programmes/bbc_parliament/7090665.stm

  2. http://www.tenfactsabout.co.uk/0022poundsterling.htm

  3. https://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2012/05/09/Trading_the_Dragon_js.html

Today’s GBP exchange rate. Save money on international transfers with OFX. Hedge risk and lock in a great rate for up to 12 months

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