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Is the selling price higher or lower than the buying price under the indirect foreign exchange pricing method?
For other foreign exchange markets outside the UK, the exchange rate of the pound is a direct quotation. First of all, it depends on which foreign exchange market. For example, in the foreign exchange market in new york, the pound 1 = USD1.680816 is quoted directly, followed by the buying price. The bank pays $65,438 +0.6808 one unit of foreign exchange (GBP), and the bank sells one. In the London foreign exchange market, the pound 1 = USD1.68081.6816 is an indirect pricing method, and the selling price is followed by the buying price, and the Central Bank of London has to pay11.644.