GBP/USD is the only currency pair with its own name. It is known as “Cable”, which has its origins from the days when a cable under the Atlantic synchronized the GBP/USD rate between the London and New York markets.
A currency pair depicts a quotation of two different currencies. The first currency in the pair is the base currency (or transaction currency). The second currency in the pair is labelled quote currency (payment currency, counter currency).
Such a quotation depicts how many units of the counter currency are needed to buy one unit of the base currency. For example the quotation EUR/USD 1.2500 means that one Euro is exchanged for 1.25 US dollar. If the quote moves from EUR/USD 1.2500 to EUR/USD 1.2510, the euro is getting stronger and the dollar weaker. On the other hand if the EUR/USD quote moves from 1.2500 to 1.2490 the euro is getting weaker while the dollar is getting stronger.
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