GBP/MXN

22.8808
0.30%
Daily
  • L. 22.7502
  • H. 22.9833
  • Ch. 0.0676
  • Ch.% 0.30%
Overview
Costs & Margins
  • GBP/MXN is an exotic forex pair representing how many Mexican pesos equal one British pound. The peso is an emerging market currency, but it garners interest from forex traders due to its high interest rate maintained by the Bank of Mexico. The peso’s value is closely correlated to energy commodities like crude oil and natural gas.

    The pound, meanwhile, is influenced by monetary policy set by the Bank of England and other economic data such as the country’s balance of payments. As one of the most traded currencies in forex, trader sentiment can also affect the pound’s value.

  • Margin From
    10.0 %
  • Trading Hours
    24 hours / day *
  • Min Trade Size
    1000
  • Long
    -7.5
  • Short
    5.82
  • Min Stop Distance
    0.015 points
  • Spreads
  • Spreads From
    0.0181 Points
  • Margins
  • 0 - 3600 000
    10.0 %
  • 3600 000 - 7200 000
    10.0 %
  • 7200 000 - 14000 000
    10.0 %
  • 14000 000 - 18000 000
    10.0 %
  • 18000 000 +
    30.0 %
  • Dealing
  • Spreads
    0.0181 Points
  • Margins
  • 0 - 3600 000
    10.0 %
  • 3600 000 - 7200 000
    10.0 %
  • 7200 000 - 14000 000
    10.0 %
  • 14000 000 - 18000 000
    10.0 %
  • 18000 000 +
    30.0 %

Pivot points
Dailys
Weekly
Monthly
Pivot point
23.3237
Bid
23.3269
Offer
23.3515
Distance
0
Last Updated: 1/26/2023 10:00:00 PM

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What is forex?

Forex is the process by which traders can buy one currency and simultaneously sell another, with the goal to profit from the direction price is likely to take in the future. With a daily trading volume of more than $6.5 trillion, the forex market is the most traded in the world, and is open 24 hours a day, 5 days a week for banks, institutions and individuals worldwide.

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Why trade forex

People trade forex for a range of reasons, including the unmatched liquidity of the market, the ability to trade on leverage, the opportunity to take positions in both rising and falling markets, the lack of hidden fees or commissions, and the accessibility of markets being open 25 hours a day, five days a week.

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How to trade forex

In order to trade forex, there are a few key steps to follow. First, you need to select a currency pair. Many traders choose a major pair such as EUR/USD due to high liquidity. Next, analyzing the market is key to understanding the technical and fundamental drivers that may affect price. Once you understand how to read the quote, it's time to open your position by going long or short.

You'll need to monitor your trade, with many traders using technical indicators to make better sense of price action, and features such as stops and limits to manage risk. Finally, you can close your position when the market hits a price at which you want to exit.

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