The GBPUSD currency pair, representing the Great Britain Pound and the US Dollar, is commonly known among traders as "the cable." This term dates back to the mid-19th century, originating from the transatlantic cable used for communication and currency trading between New York and London.
As two of the world's oldest currencies, the British Pound and the American Dollar form a highly regarded pairing in the financial world. Analysts and market watchers consider it one of the most attractive pairs for trading. Fortunately, this pair is also available for trading on eToro's forex platform. In this guide, I will delve into the specifics of trading GBPUSD and share personal insights that could be valuable to you.
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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When trading GBPUSD on eToro, it's important to understand that you're engaging in CFD (Contract for Difference) trading. This means you're speculating on the currency pair's market movements rather than physically exchanging GBP for USD. The advantage of CFD trading is the ability to speculate on forex market movements without owning the actual currencies.
Having traded this pair on eToro on several occasions, I've identified numerous benefits, including:
Upon accessing the GBPUSD asset page on eToro, you'll be directed to the "Overview" tab. This primary section showcases several key features:
What I particularly appreciate about this platform are the integrated tools that enhance trading this asset:
You might be asking, "How can I trade GBPUSD on eToro and what are the steps involved?" Let's break it down.
To trade GBPUSD, simply search for the underlying asset on eToro, choose "BUY" or "SELL," enter your investment amount, set your trading preferences, and execute the trade.
That's all there is to it. This guide covers all the essential aspects you need to know for trading the GBPUSD pair on eToro's web-based platform or mobile app. Remember to apply the tips mentioned here wisely in your forex trading journey.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.