Why is gbp called cable

Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. The slang term "trading the cable" is used by forex traders to refer to an exchange between British pounds and U. The word " cable " may refer to the exchange rate between the pound and the dollar, and may also simply refer to the British pound.

The phrase "trading the cable" has its origins in the midth century when transatlantic telegraph service revolutionized international communications. Messages between New York and London could be transmitted by a physical cable that stretched across the ocean floor between the two nations. It was some years before reliable transatlantic service was in place. Since that time, the exchange rate between the British pound and the U.

The pound may be called the cable only when it is paired with the USD, not with any other currency. The forex, or foreign exchange, is now a global marketplace for the exchange of nearly all global currencies. It has no headquarters or central location.

Currency transactions are conducted electronically between traders around the world, 24 hours a day. Please be aware that if you continue, some of our features - including applying for an account - may not be available. Cable Start investing today or test a free demo Open real account Try demo Download mobile app Download mobile app.

Start investing today or test a free demo Open real account Try demo Download mobile app Download mobile app. Next Forex Mobile Trading App. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IG Group Careers. Inbox Community Academy Help. Log in Create live account. Related search: Market Data. Market Data Type of market. Cable definition. Visit our forex trading section Find out more about forex trading.