Cable (or cable ) is a foreign exchange term used for the GBP/USD currency pair (British pound at US dollars).
The term cable is a slang term used by forex traders to refer to the exchange rate between the pound and the dollar and is also used to refer only to the British pound itself. The term originated in the mid-19th century, when the exchange rate between the US dollar and British pound began to be transmitted across the Atlantic by submarine communication cables. Since then the exchange rate has been referred to as a cable.
The first Transatlantic cable was placed under the Atlantic Ocean in 1858, but failed after only about a month of restless service. The first truly successful cable across the Atlantic was completed in July 1866, reliably transmitting currency prices between London and New York City Exchanges. The first exchange rate to be published in The Times appeared in their publication August 10, 1866.
Transatlantic communications are now primarily done by fiber-optic cables, supplied to small levels by satellites, but the trader's nickname for the pound-dollar pair is still listening back to the old copper telegraph cable.
Video Cable (foreign exchange)
References
Source of the article : Wikipedia
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