This currency pair represents the value of a Euro against British Pounds. It plays a very important role between the Eurozone and United Kingdom, although it just represents just three percent of the total turnover on the foreign exchange market. However, both currencies belong to the most important currency pairs on the foreign exchange market, because the Euro is the second and the British Pound the fourth most traded world currency.
The British Pound has always played an important role on the FOREX. This is because the UK belongs to the most internationalised countries and the service industry and especially the bank and financial history support it significantly.
The UK accounts for a 36% of worldwide trading in currencies. This is a 41% share of the total turnover on the forward marker, and a 32% on the swap market. The share of the United States is 21%, resp. 11%. Historically, the British financial market has been considered an intermediary for offshore transactions.Trade EURGBP=