The GBP to USD rate history like any other rate history provides the forex trader with valid information on how the market has been in the past and how it will possibly look like in the nearest future. Not only that, the GBP to USD rate history also serves different purposes and importance to the forex market.
THE IMPORTANCE OF HISTORICAL RATES IN TRADING THE FOREX MARKET
After the creation of the gold standard monetary system in 1875, (one of the most important events in the history of forex trading), various countries were able to exchange gold and silver for payment. The major aim of this standard was to allow people to be able to exchange the value of precious metals for an equivalent amount of cash and vice versa. Just like the gold standard monetary system, the exchange rate was introduced to quantify the amount of money (in one currency) to be given up in order to acquire the other.
THE VARIOUS IMPORTANCES OF HISTORICAL RATES IN TRADING IN THE FOREX MARKET ARE
1. Market forecast: By studying the rate at which the currency had it’s high and low values, the trader can be able to efficiently predict the market outcome before the day even begins.
2. It keeps a record of how a certain currency has been faring in the economic market.
3. It gives the trader insight into what the likely possible outcomes of his investments could be.
4. It serves as a form of security to the trader.
5. It serves as a means of keeping records.
GBP TO USED MONTHLY OVERVIEW TABLE
In the past three months, the monthly overview of the GBP and USD (as updated by x-rates.com) shows the relative values for which the GBP was exchanged for the USD. These values have been summarized below;
Month Rate (1 GBP to USD)
From the table of rates above, it is clearly understood that the GBP enjoyed a steady increase from 1.296369 in August to 1.316061 in November. This indicates that the GBP rates increased slightly between August to September and experienced a slight decrease in November. With this, the future rates can be easily forecasted.
The GBP RATE table
As at November 20, 2017, the GBP against the top ten currencies (as updated by x-rates.com) was valued as follows
Country/ currency 1.00 GBP inv. 1.00 GBP
US Dollar 1.323691 0.755463
Euro 1.128202 0.886366
Indian Rupee 86.096673
Australian Dollar 1.753395
Canadian Dollar 1.695934
Singapore Dollar 1.796739
Swiss Franc 1.314903
Malaysian Ringgit 5.481943
Japanese Yen 149.036793
Chinese Yuan Renminbi 8.783070
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.