BER Currency News

BER Home/s

  1. Home
  2. Guides
  3. Currency
  4. British Pound Sterling (GBP)

British Pound Sterling (GBP) - BER Currency Guide

In this currency guide we look at :

  1. GBP General Info
  2. GBP Market View
  3. GBP News & Updates
  4. GBP Cross Rates

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 Britain's 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 equal one pound in weight.

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 - Currency Market News

Between mid-September and mid-October, sterling fell 3.5% against the dollar to $1.319, taking “cable” back to levels experienced in the three-month period following 2016’s EU referendum.

Against the euro, within the same period, sterling fell by 1.3% to €1.121 but it remains within the middle third of its 2017 range.

In mid-October, opinions on the British currency were mixed. Although Bank of England hawkishness meant that 75% of economists were predicting a November interest rate hike, which would normally be sterling-supportive, a “no deal” Brexit was looking increasingly possible and that prompted some pretty gloomy predictions.

In a “no deal” scenario, both ING and J.P. Morgan predicted that the pound would lose 13% of its value against the dollar by falling to $1.15.

Other negative news for the UK came in October with the ONS’ surprise downward revision to the UK’s wealth by some £490 billion! Ratings agencies had already been downbeat on the UK’s finances. In September, Moody’s downgraded the UK’s credit rating from Aa1 to Aa2 on the grounds that “fiscal pressures will be exacerbated by [the UK’s] departure from the EU.”

On a more positive note, in September, HSBC cancelled its forecast for the pound to fall to parity with the euro. HSBC’s revised year-end forecasts now place GBP/EUR at €1.12 and GBP/USD at $1.35.

British Pound Sterling - News & Market Updates


US Dollar Strengthens on Trump Tax Reform Hopes

By TorFX
20 October 2017 | 8:16 am GMT

New Zealand Dollar Nosedives as New Government is Formed

By TorFX
19 October 2017 | 8:21 am GMT

Pound Plummets Following Dovish Carney Comments

By TorFX
18 October 2017 | 4:11 pm GMT

Sterling Advances Ahead of Key Inflation Figures

By TorFX
17 October 2017 | 8:21 am GMT

Popular GBP Cross Rates
View Full List (A-Z)

British Pound Sterling - Best Rate Calculators

Compare GBP Foreign Transfers Compare GBP Travel Money

Popular Currency Guides

Euro (EUR)

British Pound Sterling (GBP)

US Dollar (USD)

Australian Dollar (AUD)

Full List (A-Z)

BER logo Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers

Level 2, 50 Bridge St, Sydney NSW 2000.

Disclaimer | Copyright | Privacy Statement


Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service


This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.