Forex Currency Pairs UK: Majors, Minors and Crosses

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This page is general information, not financial advice. Advertiser disclosure.

A currency pair quotes one currency against another, such as GBP/USD, where the first is the base and the second is the quote; buying the pair means buying the base and selling the quote. UK traders trade three groups: majors, minors and crosses, each carrying its own spread and FCA leverage cap.

Majors, minors and crosses

Major pairs include the most traded currencies against the US dollar, such as EUR/USD and GBP/USD, and carry the tightest spreads. Minor pairs trade currencies against each other without the dollar, like EUR/GBP. Crosses and exotics pair a major currency with a smaller-economy currency and carry wider spreads. GBP/USD, nicknamed cable, is the pair most UK traders watch first. Traders prioritising the tightest major-pair spreads often compare ECN forex brokers, which pass raw interbank pricing through with a separate commission.

Spreads shown are advertised from-rates on raw-spread or ECN accounts (broker sites, accessed July 2026), not figures we have independently measured. Your actual spread depends on account type, session liquidity and volatility.

A GBP pip-value example

A pip is the fourth decimal place on most pairs, and pip value depends on position size and the quote currency. On a standard lot of GBP/USD, one pip is worth USD 10, which converts to £7.42 at a GBP/USD rate of 1.3476 (20 July 2026); on a mini lot, £0.74. The US dollar figure is fixed by the contract size; the sterling figure moves with the exchange rate, so recheck it at current prices. Knowing pip value in GBP lets a UK trader size a position to a fixed pound risk per trade rather than guessing. Our pip value calculator does the conversion for any pair, lot size and account currency at current rates.

GBP/USD pip value at one standard lot, 20 July 2026. Pip size is 0.0001 and one standard lot is 100,000 units of the base currency, so one pip moves the position by 0.0001 x 100,000 = US$10.00 in the quote currency. Converting at £0.7421 per US dollar, a GBP/USD rate of 1.3476, gives £7.42 per pip on a standard lot and £0.74 on a mini lot of 10,000 units.

What leverage applies to each currency pair type?

Major currency pairs carry the 30:1 retail leverage cap under the FCA’s PS19/18 rules, and non-major pairs are capped at 20:1. The cap reflects liquidity and volatility, so the same £1,000 of margin controls less exposure on a minor pair than a major. Any 500:1 figure you see belongs to an offshore broker outside FCA regulation, and an offshore 500:1 offer is a signal to check the broker against FCA-regulated broker reviews before funding an account.

Common mistakes

Overtrading exotic pairs for their movement ignores the wider spread that eats the edge. Misreading pip value leads to position sizes that risk far more per trade than intended. Trading thin pairs in quiet hours widens slippage, which the trading hours guide covers. Because spread is the main cost on a major pair, it is worth checking lowest spread forex brokers before choosing an account.

Pair choice sets your spread, your pip value and your leverage cap in one go. For how those pieces fit with margin, stops and sizing, work through our education hub, and for how the pairs behave hour by hour see UK forex trading hours in GMT and BST.