British Pound Sterling General Info
The three letter currency code for the British Pound Sterling is GBP and the symbol is £. It is the domestic currency in Guernsey, Isle of Man, Jersey, South Georgia And South Sandwich Islands and United Kingdom.
The British pound (ISO: GBP) is one base unit of sterling – that being the name of British currency – and is subdivided into 100 pence.
Contributing to around 13% of all foreign exchange deals, the pound, or sterling, is the world’s fourth most traded currency.
Reputedly, sterling is 1200 years old. It is said that Anglo-Saxon traders used silver pennies in the eighth century called ‘sterlings’, 240 of which would weigh one pound.
Due to its membership of the European Union, Britain could have adopted the euro as its currency upon its introduction in 1999, however the British government opted against this because it wanted to retain monetary policy independence and because it perceived euro adoption as offering only small economic benefits.
In recent years, the most significant event to affect sterling’s valuation was the UK’s vote to leave the European Union on June 24th 2016 – a day on which the exchange rate for GBP/USD fell by as much as 11%.
In the past two decades, the pound’s highest valuation against the dollar occurred in November 2007 when GBP/USD reached 2.1161. Its lowest value came in October 2016, three-and-a-half months after the historic ‘Brexit’ vote, when GBP/USD reached 1.1905.
GBP - Market View
GBP/USD Updates - Mon 10:00 BST
1 Day 1 Week: British Pound Sterling started the week up against the United States Dollar with the GBP/USD at 1.2836, a rise of 0.22% but remains down for the last 7 days with a drop of -1.17%.
3 Month Trend: GBP/USD is trading higher in the 3-month range [Hi:1.3046, Lo:1.2145] and for the quarter is up 2.82%