GBP or Great Britain Pound is Britain’s official currency which is also called Pound Sterling or Sterling. In global markets, GBP is one of the major currencies actively used and traded, like other prominent currencies – the USD, Japanese Yen and the European Union’s Euro. Its smaller unit is called Penny (its plural is Pence) which is 1/100 th of the GBP’s value. Lower valued stocks are marked in pence and the stock exchanges on which these are listed use GBX or GBP to differentiate between penny and Pound. The symbol for GBP is ‘£’.