247 Currency Trading Online Spot
How to Read Online Forex Quotes
The rates are typically posted as five figure numbers as USDGBP = 1.442 means that 1 US dollar is valued at 1.442 pounds meaning this is how much you can get for 1 US dollar. Simultaneously, GBPUSD = 1.4763 means that 1 British pound is esteemed at 1.4763 USD.
When rates change forex traders only mention the change and it is measured in "pips". 1 pip equals the lowest change possible â€“ the one tenth of a cent. When a quote changes, for example the USDGBP from 1.4234 to 1.4239 the change would be expressed as "5 pips" without any reference to it being higher or lower than the starting bid price.
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