GBP / USD
GBPUSD=X
Key Statistics
About GBP / USD
By Liveworldmarket Editorial Team · Last reviewed 29 June 2026
GBP / USD — Cable
GBP/USD (British pound versus US dollar) is the third most-traded currency pair after EUR/USD and USD/JPY, accounting for roughly 9-10% of global FX turnover. Traders call the pair 'cable' — a nickname dating from the 1860s when GBP/USD exchange rates were transmitted between London and New York via the transatlantic telegraph cable. The Bank of England, the world's oldest major central bank (founded 1694), is the primary monetary-policy authority that drives sterling.
GBP/USD is structurally more volatile than EUR/USD (annualised vol typically 10-13%), partly because the UK economy is smaller and more domestic-services oriented, and partly because UK political events (Brexit being the most consequential modern example) generate large currency moves. Brexit alone produced a -16% sterling devaluation in the 24 hours following the 23 June 2016 referendum.
History & contract origins
GBP/USD has been quoted for over 150 years. Major modern history: the 1985 'Plaza Accord' produced a sharp coordinated USD devaluation (pair rose from 1.05 to 1.97). The 1992 'Black Wednesday' (16 September) saw the UK exit the European Exchange Rate Mechanism (ERM) after George Soros's famous billion-dollar bet against the pound; cable crashed from 2.00 to 1.40 within days. The 2008 GFC took the pair from 2.00 to 1.35 within 6 months. The 2016 Brexit referendum dropped the pair from 1.49 to 1.21 in weeks. The 2022 Truss-Kwarteng 'mini-budget' crisis briefly drove the pair to an all-time low of 1.0349.
Through 2024-26 GBP/USD has traded in a 1.20-1.32 range reflecting Bank of England policy stance and post-Brexit UK growth dynamics.
Trading hours & session layout
GBP/USD is most-active during the London session and the London-NY overlap. In IST:
| London session | 12:30 - 21:30 IST |
| New York session | 17:30 - 02:30 IST |
| London-NY overlap (peak liquidity) | 17:30 - 21:30 IST |
| Asia session (quiet) | 05:30 - 12:00 IST |
Holiday calendar (typical annual closures)
Listed below are the major scheduled closures for the underlying exchange. Exact dates shift year-to-year — always verify against the exchange's official calendar before holding overnight positions across a holiday boundary.
| Holiday | Typical date |
|---|---|
| FX never formally closes except weekends | |
| Reduced liquidity on UK + US bank holidays | Christmas, Boxing Day, New Year, Good Friday, Easter Monday, May Day, Spring Bank Holiday |
How to read this tape
Read GBP/USD alongside three signals. First, Bank of England policy expectations (SONIA futures curve, OIS curve) — diverging BoE-Fed expectations drive cable. Second, UK economic data — particularly CPI and unemployment, which directly shape MPC voting. Third, UK political risk premium — elections, fiscal-policy uncertainty, and Brexit-aftershocks can drive cable volatility independent of US factors.
Cable correlation with FTSE 100 is structurally negative (the 'weak pound paradox' — see FTSE 100 page). On a day when the pound weakens, the FTSE 100 typically rises because most of its constituents earn overseas revenue.
Frequently asked questions
Why is GBP/USD called 'cable'?
Because GBP/USD exchange rates were transmitted between London and New York via the transatlantic submarine telegraph cable that began operations in 1858. The nickname has survived even though the cable is long obsolete.
Is cable more volatile than EUR/USD?
Yes, by roughly 30-50% in annualised volatility terms. The UK is a smaller and more open economy than the Eurozone; political events generate more currency volatility per unit of news.
What is the 'flash crash' history of cable?
Notable flash crashes: October 2016 (-9% in 2 minutes during Asian session — attributed to algorithmic stop-loss cascade), September 2022 (Truss-Kwarteng mini-budget crash to 1.0349). Cable is one of the most flash-crash-prone major currency pairs.
How did Brexit affect cable?
The 23 June 2016 referendum vote to leave the EU produced an immediate -10% sterling devaluation, followed by ongoing weakness driven by negotiation uncertainty. The 2020 actual departure was less dramatic. Long-term cable has stabilised in the 1.20-1.32 range vs. pre-Brexit 1.40-1.55.
Can Indian residents trade GBP/USD?
Yes, via the LRS route. GBP/USD is not listed on NSE or BSE; only USD/INR and INR-cross pairs are listed onshore.
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Editorial article. Information only — not investment advice. Read our Risk Disclaimer before acting on any market data shown here.