Forex pairs and gold guides
Eight currency pairs and gold, explained one market at a time.
Last updated: · By Forexuro Desk · Editorial policy
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Free, opens TelegramGuides to the eight currency pairs and gold that Forexuro covers. Each page explains how the quote works, when the market is most active, what moves it, the events and central banks to watch, how to think about volatility and how to size a trade. For live reference prices see rates; for trade ideas see our forex signals.
To compare the currencies behind these pairs, the currency strength meter ranks USD, EUR, GBP, JPY, AUD, NZD, CAD and CHF from official ECB reference rates.
Majors, crosses and gold
EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, USD/CAD and NZD/USD are major pairs because each includes the US dollar. EUR/GBP is a cross. Gold, XAU/USD, is a metal that brokers quote like a currency pair; see the gold signals page and the gold vs forex guide.
Learn to trade these markets with the Forexuro courses or the chart patterns e-book, and follow the free Telegram channel for daily notes.
How to read a pair quote
The first currency in a pair is the base currency and the second is the quote currency. The price tells you how much of the quote currency one unit of the base costs. Buying a pair means buying the base and selling the quote, so you gain if the base strengthens.
Example only, using an assumed price.
A EUR/USD price of 1.1215 means one euro costs 1.1215 US dollars. If it rises to 1.1265 the euro has gained 50 pips against the dollar, because a pip on this pair is 0.0001. On USD/JPY a pip is 0.01, so a move from 156.78 to 157.28 is also 50 pips. Our guide on how to read a forex quote covers bid, ask and spread.
The pairs at a glance
| Market | Pip size | Central banks to watch | Pip value tool |
|---|---|---|---|
| EUR/USD | 0.0001 | ECB, Federal Reserve | EUR/USD pip value |
| GBP/USD | 0.0001 | Bank of England, Federal Reserve | GBP/USD pip value |
| USD/JPY | 0.01 | Federal Reserve, Bank of Japan | USD/JPY pip value |
| USD/CHF | 0.0001 | Federal Reserve, Swiss National Bank | USD/CHF pip value |
| AUD/USD | 0.0001 | Reserve Bank of Australia, Federal Reserve | AUD/USD pip value |
| USD/CAD | 0.0001 | Federal Reserve, Bank of Canada | USD/CAD pip value |
| NZD/USD | 0.0001 | Reserve Bank of New Zealand, Federal Reserve | NZD/USD pip value |
| EUR/GBP | 0.0001 | ECB, Bank of England | EUR/GBP pip value |
| XAU/USD | 0.10 on this site's tools (brokers vary) | Federal Reserve | Gold pip value |
Each guide links to its own weekly forecast, and the central bank rates themselves are on the central banks page.
Choosing which pairs to follow
Following a small number of markets closely usually teaches more than watching all nine. Three practical filters help a UK trader narrow the list.
- Your hours. EUR/USD, GBP/USD and EUR/GBP are most active in the London session and the London and New York overlap, roughly 13:00 to 17:00 UK time for most of the year. AUD/USD, NZD/USD and USD/JPY see much of their news overnight in the UK. The market hours clock shows what is open now.
- Overlap between pairs. Pairs that share a currency often move together, so two trades can carry the same risk twice. Check with the correlation tool before adding a second position.
- Cost and size. Spreads, swaps and the pound value of a pip differ by pair. A pip on EUR/GBP is a fixed £10 per lot on a sterling account, while on USD/JPY it is a smaller and moving amount. The position size calculator turns your risk in pounds into lots for any of them.
Our article on forex pairs for beginners goes into more depth.
Using the guides with signals and the record
- Read the pair guide to learn when the market moves and what moves it.
- Check the week's levels and events in the pair's forecast and the economic events guides.
- Size any trade from your own risk with the calculators on the tools page.
- If you follow Forexuro signals, compare them with the full trade history and check how each result can be confirmed on the verify page.
Frequently asked questions
What is the difference between a major pair and a cross?
Major pairs include the US dollar on one side, such as EUR/USD or USD/JPY. A cross pairs two other currencies, such as EUR/GBP. Crosses react mainly to the gap between their two economies rather than to US data.
Why is a USD/JPY pip 0.01 when other pairs use 0.0001?
The yen is quoted to two decimal places, so its pip is the second decimal, 0.01. Most other pairs are quoted to four decimals, so their pip is 0.0001. Platforms often add one more digit, called a pipette.
Which pairs are most active during UK hours?
EUR/USD, GBP/USD and EUR/GBP usually see their heaviest activity in the London session, especially during the overlap with New York, roughly 13:00 to 17:00 UK time for most of the year. Gold is also active in those hours.
Where can I see how Forexuro trades on these pairs have closed?
Every closed trade is listed in the trade history, and the verify page explains how each published result can be checked. The signals page shows the current service.
Education only, not financial advice. Trading forex, gold and CFDs carries a high risk of losing money, and leverage magnifies both gains and losses. Past performance is not a reliable guide to future results. Read our risk disclosure.