The symbol EUR/GBP stands for Euro/British Pound. It tells us about the number of British Pounds required to purchase one Euro. In the symbol, EUR is the base currency while the GBP is the counter currency.
General Facts and Importance
Various websites and forex analysts have concluded that the most important and the most voluminous exchange rate in the United Kingdom is the rate of exchange of EUR to GBP. While EUR is the world’s second largest trading currency, GBP happens to be the fourth. The currency pair is of immense importance when the proximity of the location and nature of trade between the UK and the Euro zone is taken into account.
More goods, as compared to services, are exchanged between the UK and EU. Almost half of UK’s exports are directed to and imports are directed from the different members of the EU.
The EU market is one of the world’s largest markets. Moreover, most of the members of the EU are rich nations that enjoy rather stable political atmosphere that ensures a safer and stronger currency. Unlike the UK where debates over joining or not joining the EU lead to conditions that ultimately favour the Euro and depreciates the pound. With its 28 members, the EU has made sure that it happens to be the origin and the termination point for a great many trades, consequently supporting the already strong position of the Euro.
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