The first currency in any forex pair is the Base, with the second currency in the pair referred to as the Quote. In our GBPUSD example, the Sterling Pound is the Base Currency while the United States Dollar is the Quote Currency.

 

Forex is a 24×5 market, with trading open twenty-four hours a day, five days a week. The market is broken down into four major sessions, Sydney, Tokyo, London and New York with three peak trading sessions, the Asian, European and North American sessions, referred to as the Tokyo, London and New York sessions., these corresponding to the overlaps between the trading hours of the four major sessions, during which daily volumes reach their peak.