The Great British Pound, also known as Pound Sterling, is among the top most traded currencies in the forex market. The GBP also acts like a large reserve currency, because of its relative value compared to other major global currencies. The U.K is an official member of the European Union currently, but its planned exit is due to go through in March 2019. It has chosen not to adopt the Euro as its official currency for various reasons, particularly to maintain control of domestic interest rates, and historic pride in the pound.
That is the reason why a lot of Forex traders will base the value of the Great British Pound with the political stability of its government and the overall strength of the British economy. The high value of the pound relative to other currencies, means that it is a crucial currency benchmark for a lot of countries, since it acts as a very liquid component in the forex market.