Say I have a currency pair GBP/USD
at rate 1.45
, buying 1 GBP
costs 1.45 USD
and selling 1 GBP
gives me 1.45 USD
.
Now I put an order of 100,000
on this pair on the buy side. Does this usually mean (if there even is a fixed convention for this) I buy 100,000 GBP
, which means it costs me 145,000 USD
, or does it mean I pay 100,000 USD
and get 68,965 GBP
?