Posted by forex at 3:45 AM
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Tracking the GBP to USD
1. View the current exchange rate. Your foreign exchange broker can offer quotes, but XE.com also offers free live quotes for all currencies traded on the foreign exchange market. The current conversion rate for GBP to USD will appear on the main page.
2. Chart the historical performance. Google Finance and Yahoo! Finance offer free and effective tools for viewing historical performance of currencies on a chart. Simply searching 'GBP to USD' will display a chart of the historical performance. You can manipulate the time frame for the exchange rate, but usually a one-year chart is the most effective view.
3. Identify trends. Currencies usually exhibit strong trends, particularly the cable rate. It is possible to profit by identifying the current trend the chart is indicating and following it until material news alters the supply and demand for GBP and USD.