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What is a currency pair? How exchange rates are quoted

By SendPay Business · · 2 min read

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Every exchange rate is quoted as a currency pair: one currency priced in another. GBP/USD 1.30 means one British pound buys 1.30 US dollars. Knowing how to read a pair helps you spot a good or bad rate.

Base and quote

The first currency is the base and the second is the quote. The rate tells you how much of the quote currency one unit of the base buys. If GBP/USD rises, the pound has strengthened against the dollar.

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The major pairs

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Tap each one to see what it means.

EUR/USD

the euro against the US dollar, the most traded pair.

USD/JPY

the US dollar against the Japanese yen.

GBP/USD

the pound against the dollar, often called cable.

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Buy and sell rates

Providers quote a slightly different price to buy and to sell. The gap is the spread, and it's how many exchange services earn money, so compare the rate you're offered with the mid-market rate.

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Where SendPay fits

SendPay platforms include GBP, EUR and USD accounts and currency exchange under your own brand, powered by licensed partners. You can preview your platform before you launch.

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How it works

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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

When is forex busiest?

See session overlaps in your own time.

Forex market hours →
What is one pip worth on a pair?

Work out pip value in your own currency.

Pip value calculator →
What is the mid-market rate?

The midpoint between buy and sell prices.

What is the mid-market rate? →
What is a forex spread?

The gap between the buy and sell price.

What is a forex spread? →
How do I start an exchange business?

A guide to launching a currency exchange.

Start a currency exchange →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.