The pound sterling is the fourth most-traded currency in the foreign exchange market. In order to convert British pounds into U.S. dollars, simply multiply the number of pounds by the GBP/USD exchange rate on the day of conversion. For example, if you were converting 800 British pounds into U.S. dollars on June 17, 2023, you would multiply £800 x $1.28 (the exchange rate for the day) to get $1,024.
- The GBP and USD can be traded 24×5 starting from the time markets open on Monday mornings in Sydney all the way to the time markets close on Fridays at 5 pm in New York.
- This means the British Pound has increased in value compared to the US Dollar.
- The GBP/USD is among the top five most widely traded pairs in the world.
- You can trade GBP and USD, along with any other currency pairing, through a forex broker.
Also, it’s best to convert British Pounds to US Dollars early in the week if you need US Dollars urgently. If you execute a trade late in the week, it might not settle until the following week given that forex markets are closed on weekends. Check live rates, send money securely, set rate alerts, receive notifications and more. The pound is the official currency of the United Kingdom of Great Britain and Northern Ireland.
It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice. Any examples given are provided for illustrative purposes only and no representation is being made that any person will, or is likely to, achieve profits or losses similar to those examples. DailyFX Limited is not responsible for any trading decisions taken by persons not intended to view this material.
Historical Exchange Rates For British Pound Sterling to United States Dollar
He is an expert at elucidating complex financial topics in clear, concise language. Michael received a Bachelor of Arts in literature from the University of Wisconsin-Madison and a master’s in linguistics from the Universidad de Antioquia in Medellin, Colombia. In the last 10 years, the highest rate from British Pounds to US Dollars was on June 18, 2015 when each British Pound was worth $1.5881 USD. To view rates between the British Pound and the US Dollar for a particular year, click on one of the links below. This means the British Pound has increased in value compared to the US Dollar.
To convert from dollars to pounds, you would simply divide by the exchange rate, rather than multiply. We partner with leading data providers to bring you the latest and most accurate prices for all major currencies, cryptocurrencies and precious metals. Create a chart for any currency pair in the world to see their currency history.
For this reason, the interest rate differential between the Bank of England (BoE) and the Federal Reserve will affect the value of these currencies when compared with each other. You’ll now see the value of the converted currency according to the most recent exchange rate. Need to know when a currency hits a specific rate?
The GBP and USD can be traded 24×5 starting from the time markets open on Monday mornings in Sydney all the way to the time markets close on Fridays at 5 pm in New York. Exchange rates can fluctuate by the minute while markets are open. However, the time between 3-4 PM GMT is often a good time to convert British Pounds to US Dollars because currency market liquidity and trading volume tend to be the highest during this time.
Countries and territories currently using currency units named “pound”
These currency charts use live mid-market rates, are easy to use, and are very reliable. You can trade GBP and USD, along with any other currency pairing, through a forex broker. A forex broker is just like a stock brokerage, except they focus on foreign exchange products. Leveraged trading in foreign fxtm broker review currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. This information is made available for informational purposes only.
Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. Banks often advertise free or low-cost fxpcm transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Leading competitors have a dirty little secret.
They add hidden markups to their exchange rates – charging you more without your knowledge. And if they have a fee, they charge you twice. GBP/USD refers to the currency pair of the U.S. dollar and the British pound, which is among the most widely traded in the world. The current value of the GBP/USD pair shows how many U.S. dollars are needed to purchase one British pound. Many factors affect the GBP/USD rate, including economic indicators and actions by the central banks in both countries to boost or devalue their currency.
The GBP/USD (British pound/U.S. dollar) is an abbreviation for the British pound and U.S. dollar currency pair, or cross. The currency pair shows how many U.S. dollars (the quote currency) are needed to purchase one British pound (the base currency). The GBP/USD had another sharp decline in June 2016, when Britain voted to leave the European Union. The GBP/USD pair fell 10% in one trading session and lost nearly 20% in the month preceding the Brexit vote.
What Is the GBP/USD (British Pound/U.S. Dollar)?
In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. All of the following pepperstone canada currencies have been replaced by the US dollar. Michael Bromberg is a finance editor with a decade of experience.
We have been featured in some of the most prestigious financial publications in the world including Business Insider, Investopedia, Washington Post, and CoinDesk. The U.S. dollar is the currency most used in international transactions. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. Live tracking and notifications + flexible delivery and payment options. Prior to the Great Recession, the GBP/USD was highly correlated with the Australian dollar and the New Zealand dollar, as investors purchased these high-yielding currencies in what is known as a carry trade strategy. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate.
From the last half of 2008 to early 2009, the British pound fell from $2.10 to below $1.40, losing over a third of its value. This is likely because investors considered the dollar a “safe haven” against market volatility. In the 21st century, the pound has continued to trend downward, ranging from a high of $2.08 to a present value just above $1.08. Economic uncertainties surrounding the coronavirus pandemic, combined with the loss of the European market, have overall weakened the prospects for the British economy. Wise is a Money Service Business registered with FinCen.
You can send a variety of international currencies to multiple countries reliably, quickly, and safely, and at a rate cheaper than most banks. Compare our rate and fee with our competitors and see the difference for yourself. These are the average exchange rates of these two currencies for the last 30 and 90 days.
In the approximately five years following the Great Recession, the British pound recovered to trade around 1.6 against the U.S. dollar. The GBP/USD is among the top five most widely traded pairs in the world. It is affected by factors that influence the value of the British pound and/or the U.S. dollar in relation to each other and other currencies.