Trading GBP/DKK

The exotic GBP/DKK pair can offer profitable opportunities for UK traders, though it can also present some challenges. Before you begin your GBP vs DKK price forecast on a live chart, it’s worth considering the pros and cons below. We’ve also covered the history of the two currencies, plus some of the best exchange rate analysis techniques and trading tips.

GBP/DKK Trading Brokers

  1. XTB

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    Trade 48 currency pairs with low spreads from 0.1 pips and leverage up to 1:30 (EU) and 1:500 (Global). Micro lot trading is also available and new currency traders can make near-instant deposits with no fees.

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    FXCC offers leading fees compared to alternatives with spreads as low as 0.0 pips and $0 commission. Over 70 currency pairs are also available, providing more opportunities than most competitors.

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    Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 60+ pairs. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.

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    Trade 85 major, minor and exotic forex pairs via CFDs on IB's FXTrader platform with tight spreads and low commissions, or trade forex on the spot market. They offer more FX assets than almost any competitor.

  5. XM

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    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.

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    Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and low commissions. The VPS will also serve high-volume, active day traders.

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    OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.

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    IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.

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    Trade 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals.

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    Plus500 offers forex trading via CFDs with tight, floating spreads and an excellent suite of 60+ currency pairs. We got spreads of 0.6 pips on the EUR/USD during testing - lower than many alternatives.

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    rating full offers major, minor and exotic currency pairs available to trade as contracts for difference (CFDs) or spread betting (UK customers only). Spreads are competitive starting from 0.6 pips on the EUR/USD.

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    NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.

  13. Axi

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    Axi offers a great selection of 70+ major, minor and exotic currency pairs. There are no restrictions on trading strategies and the broker boasts impressive spreads by connecting to 20 liquidity sources.

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    Trade 170+ major, minor and exotic forex pairs with floating spreads and leverage up to 1:30. Forex futures are also available on some currency pairs. However the forex broker has a track record of amending margin requirements without appropriate notice.

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    Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.

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    Focus Option offers 22 forex pairs tradeable via binary options, including a selection of majors and minors. FX pairs are also available to trade with margin on Focus Option's mobile app, which offers high leverage up to 1:50 and spreads from 1 pip.

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    Global Prime traders can access 48 forex pairs including majors, minors and exotics with tight spreads from 0.9 with no commission or from 0 with a $7 round turn. Forex is traded via the leading MT4 platform, micro lots are available and latency is low via a New York-based server.

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    Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

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    Trade currencies with 0.0 pip spreads at one of the world's leading forex brokers. IC Markets is a great choice for serious traders with superior execution and low fees.

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    AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

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    rating full is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

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    Go long or short on 50 forex pairs including the EUR/USD and GBP/USD with zero commissions. There are plenty of opportunities to buy and sell currencies via margin or copy trading.

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    An impressive selection of 52 currencies are tradeable on eToro's proprietary platform and app. Traders can also continuously hone their forex strategies by switching between demo mode and their live account any time.

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    OspreyFX offers more than 50 major, minor and exotic currency pairs. Spreads start from just 0.1 pips on the EUR/USD and the broker provides a suite of forex trading education for beginners, including partnering with Forex Squad.

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    CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.

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    Trade 70+ major, minor and exotic forex pair CFDs with up to 1:1000 leverage, no commission fees and competitive spreads from 0.8 pips. FX trades can also be executed via the reliable and fast MetaTrader 5 software.

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    Errante traders can access 50+ forex pairs with leverage up to 1:500 (location dependant). The broker offers fast execution and tight spreads, especially to clients with VIP and Tailor-Made accounts.

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    Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.

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    Trade 70 major, minor and exotic forex pairs with ultra-low ECN spreads and fast execution via the MT4 or MT5 platforms. There are also zero SL/TP limits and automated forex trading is well catered for.

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    Ingot Brokers offers forex trading on a modest suite of 30+ currency pairs with spreads starting from zero on raw spread account types. Currencies can be traded 24/5 though exotics are only available on MT5.

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    Trade a small selection of 25 major and minor pairs. Spreads from zero on the pro account, micro-lot trading, and very high leverage make up for the limited range of currencies. The MetaTrader software is also a well-regarded platform for forex trading.

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    Axofa offers 50+ forex pairs with raw spreads and low commissions. On the downside, the broker is not particularly transparent when it comes to their account conditions and fees.

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    Go long or short on over 50 currency pairs with spreads from 0.6 pips on EUR/USD. Traders can access market-leading forex tools in the MT4 platform, including customisable forex charts and algorithmic trading.

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    Trade binary options on 25+ forex pairs including a range of majors and minors, as well as precious metals paired with USD. Payouts top 80% and users can analyze market movements on the hugely popular MT4 platform and app.

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    World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.

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    FinPros offers 80+ forex pairs, which is one of the more diverse offerings available. Traders benefit from ultra-low latency, MT5 support and very tight spreads and low commissions on the RAW+ account.

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    Trade 45+ major, minor and exotic pairs with deep liquidity and low latency. The ultra-tight spreads from 0.01 pips on raw accounts, competitive $7 or lower round-turn commissions and high leverage up to 1:500 will suit scalpers, who can trade without limits.

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    IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.

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    Trade 50+ forex pairs including popular majors and minors with very high leverage available up to 1:1000. Gold, silver, palladium and platinum pairs with USD are also available.

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    Trade 25+ major and minor currency pairs with access to over 30 technical indicators in the broker's proprietary terminal. You can also follow and replicate other forex trades using the integrated copy trader.

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    Scope Markets offers MT5 trading for a range of major, minor and exotic currency pairs with high leverage and a low starting deposit. Multilingual 24/5 support is also available to support forex traders.

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    Trade 50+ forex pairs, including popular major, minor and exotic pairs. This is a decent selection, but traders will have a choice between the attractive MT4, MT5 or IRESS platforms and regulatory cover from ASIC. The VPS will also suit automated forex trading strategis.

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    Trade 49 major, minor and exotic currency pairs with fixed spreads or ECN pricing with no dealing desk intervention and a low starting deposit. You can analyze the currency markets using the broker's in-house trading platform.

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    Anzo Capital offers 45+ forex pairs including majors, minors and exotics with fast execution and spreads starting from zero. High leverage up to 1:1000 is available with a margin call at 80% and a stop out level at 50%.

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    Rock Global clients can access 50+ currency pairs via CFDs with leverage up to 1:500, world class liquidity and fast execution on the MT4 or TWS platforms. The tight spreads from 0.9 with no commission are a particularly attractive feature.

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    VT Markets offers 40+ forex pairs including majors, minors and exotics with lightning-fast execution, up to 1:500 leverage and spreads starting from 0 available to ECN account holders.

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    Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.

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    Exinity offers 150+ forex pairs to trade on a very competitive ECN pricing model, with spreads from zero and low commissions of $4 per round turn. Traders can access the powerful MT4 and MT5 platforms and trade with no restrictions on popular day trading strategies.

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    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes.

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    PU Prime clients can trade 40+ forex pairs via the MT4 and MT5 platforms with dynamic leverage up to 1:500. Spreads start from near zero on Prime accounts, which also charge a $7 commission per lot, and a zero-commission Standard account with wider spreads is also available.

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    With 100+ currency pairs including all majors plus many minors and exotics tradeable on the MT4 platform with 1:2000 leverage, SuperForex lives up to its name as a great choice for forex traders. The ForexCopy system is also useful for newer traders.

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    AdroFX has a good forex offering of more than 60 pairs, which can be traded with up to 1:500 leverage via the MT4 platform or copy-traded with Allpips. The broker also offers very tight spreads starting from 0.4 pips and charges no commission.

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    Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology. 35+ currency pairs are available with tight spreads from 0 pips and rapid market execution. You can also utilise the broker's forex news alerts and economic calendar.

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    Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.

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    Core Spreads offers trading on 34 forex pairs through spread betting and 40 currencies through CFDs, with both vehicles covering major and minor pairs. Spread betting spreads start from 0.6 for EUR/GBP; CFD spreads are variable and start from 1.2 pips on EUR/GBP.

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    Buy and sell over 50 currencies with zero pip spreads available via deep liquidity pools. M4Markets offers very low latency with execution speeds averaging 30ms. There are no restrictions on forex trading strategies.

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    MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.

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    Trade Nation offers over 30 of the most popular forex pairs with variable spreads. Traders can access a slick proprietary platform or MetaTrader 4, with real-time forex market updates and insights via 'Smart News'.

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    As well as a competitive selection of 55+ forex pairs, traders can access high leverage up to 1:300. You can also enjoy advanced analysis from Trading Central with easy integration into MetaTrader 4.

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    Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex day traders.

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    4xCube offers 60+ currency pairs with competitive trading conditions. We like that all trading strategies are permitted including scalping and hedging.

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    ActivTrades is a great broker for active forex traders with industry-low spreads from 0.5 pips and zero commissions. The forex broker also offers impressive execution quality and speeds, alongside award-winning customer service.

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    BlackBull offers 64 forex pairs with very competitive pricing through its ECN accounts, with the standard commission-free spread starting from 0.8 and spreads with commission starting from zero. The broker supports diverse trading platforms including MT4 and MT5, and provides leverage up to 1:500.

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    LQDFX offers an extensive list of 70+ currency pairs, more than most alternatives. Spreads are ultra-low and high leverage is available on the market-leading MT4 platform.

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    Trade over 30 currency pairs with tight spreads from 0 pips. Forex traders have a choice of leading platforms including MT4, MT5 and an in-house web trader. The CopyFX system also lets you mirror experienced currency traders with a $100 minimum investment.

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    Swissquote offers trading on a huge range of forex assets, covering 80+ currency pairs. Spreads start from 1.3 pips with the Premium account and there are zero commissions. Micro, mini and standard lot sizes are available plus options contracts on major currencies.

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    SimpleFX offers a competitive suite of 60 forex pairs with average spreads of 0.9 pips. The charting features are extensive, with convenient mobile and desktop access for all experience levels.

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    Go long or short on over 50 forex pairs from majors to exotics, with spreads as low as 0.1 pips. Traders can analyze the currency markets with market-leading trading software and charts from MetaTrader 4.

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    During my tests, I was able to access a very competitive range of 90+ forex pairs with ECN spreads from 0.0 pips and leverage up to 1:500. FX traders can also make use of the Trading Central signals or the broker's daily forex analysis.

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    Trade on 45+ majors, minors, crosses and exotics, with competitive pricing, ultra-fast execution and no requotes. Newer traders can access zero-commission trading. Experienced forex traders can operate with no trading restrictions and benefit from an ECN account and a VPS service.

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    FXTrading clients can access 70+ forex pairs with high leverage up to 1:500, fast execution averaging 80ms, excellent liquidity and spreads from zero. A good selection of minors and exotics are available as well as all the majors. New users can start trading forex in 4 easy steps.

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    Trade 36 forex pairs, including the EUR/USD with spreads from zero pips. FXChoice offers higher leverage on forex than most competitors, alongside 24/5 support and an accessible $10 starting deposit.

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    With over 190 forex spot pairs, EZ Invest outperforms many rivals in terms of access to the currency markets. Users can also choose between desktop software, a webtrader plus a solid mobile app. On the negative side, spreads aren't the tightest on entry accounts.

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    Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.

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    FP Markets is a good option for forex traders, with 70+ pairs covering an excellent range of currencies. Spreads are already tight on standard accounts and start from zero on raw spread accounts, and the broker offers high leverage up to 1:500 and top-tier liquidity.

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    IronFX offers 80 currency pairs with an excellent selection of minors and exotics as well as majors. Trading takes place on the MT4 or a proprietary platform with spreads from zero available to ECN accounts. IronFX offers more currency assets than virtually all competitors.

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    Trade 80+ major, minor and exotic forex pairs. This is a very competitive range of currency pairs with 50+ exotics to choose from, and traders will benefit from fast execution and support from extra features including a pip calculator. The MetaTrader 4 software was also designed for online forex trading.

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    Libertex offers CFD trading on 50+ forex pairs, offering long and short opportunities. Its strength comes in its tight spreads – we were offered 0.2 pips for EUR/USD.

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    Trade up to 33 major and minor forex pairs. This is a small range of currency pairs compared to competitors, with no exotics, but traders do benefit from tight spreads, low or no commissions and low latency.

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    HYCM offers 40+ forex pairs, with most available to trade on either the MT4 or MT5 platform. The maximum leverage on offer is 1:30 in accordance with regulations, and tight spreads start from 0.2 on the Raw account and from 1.2 on the commission-free Classic account.

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    FXOpen clients can trade 50+ forex pairs (28 on micro accounts) with leverage up to 1:30. Fees are competitive with spreads starting from zero with a small commission on ECN accounts, and slightly wider spreads and no commission on STP accounts.

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    Trade 45 major, minor and exotic forex pairs. This is an average range, but the broker offers attractive and very competitive tight floating spreads from 0.3. Useful features including a news feed set the broker apart from many rivals and can help plan forex strategies.

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    With 300+ forex pairs, Hantec Markets has one of the widest selections on the market. Floating spreads start from 0.2 pips with ultra-fast market execution and access to the leading MT4 platform.

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    With 60+ currency pairs available, Dukascopy offers enough majors, minors and exotics to keep most forex traders happy. The broker also offers high leverage up to 1:100 – a good amount to see from a reputable and regulated broker. Currency traders have access to excellent software, including MT4 and JForex.

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    Speculate on popular currency pairs with flexible leverage up to 1:500 and zero-pip spreads in the GO Plus account. Commission-free trading is available with micro, mini and standard forex contract sizes.

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    With around 190 forex pairs and spot metals, 140 forwards, top-tier liquidity, fast execution and spreads from near zero, Saxo Bank offers exceptional flexibility and value to forex traders. Advanced charting from TradingView is another plus for active forex traders.

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    Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.

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    Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.

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    ThinkMarkets offers 46 forex pairs, including a decent variety of minors and exotics as well the majors. Forex traders also benefit from very tight spreads starting from 0.0 pips for the EUR/USD in the Zero account.

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    CMC Markets offers a superb list of 330+ forex pairs with tight spreads and ultra-fast executions. The selection of currencies is significantly wider than rivals.

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    FXTM offers 60+ forex pairs plus 6 indices which track a basket of popular currencies. The brand's ECN accounts offers impressive spreads from 0 with low commissions from $0.40 to $2 per lot and commission-free spreads start from 1.5 pips.

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    Trade FX pairs with tight spreads & leverage.

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    Trade 60+ forex pairs including majors, minors and a selection of exotics and crosspairs with fixed spreads from 1.8 pips or variable spreads from 0.8. FX traders also get advanced trading software in MetaTrader.

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    Trade over 90 pairs and keep costs to a minimum, with tight spreads and industry-leading commissions. Currencies can be traded 24/5 with no dealing desk intervention.

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    Trade 24 forex pairs via binary options. Such a small range of currency pairs is not that unusual among binary options brokers, and BinaryCent's high payouts up to 95% compensate for the lack of range.

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    Access over 40 currency pairs with no commissions and low spreads from 0.78 pips for EUR/USD. Forex can also be traded 24/5 on a choice of reliable platforms.

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    Go long or short on a range of major and minor currency pairs with tight spreads. Powerful trading software is available with a choice of instant and pending orders.

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    Trade 200 CFD forex pairs with DMA pricing and tight spreads, ultra low latency and high leverage up to 1:1000. The range of forex pairs available and pricing model are among the most attractive in the African market.

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The GBP/DKK Explained

GBP/DKK is a currency cross pair representing the exchange rate conversion between the British pound sterling and the Danish krone. The price dynamics of this quote are mainly attributed to the state of the economies of the UK and Denmark. GBP/DKK is also affected by correlated currencies, namely the euro.

Before we dive into trading the GBP/DKK pair, we take a look below at the rich economic histories that have defined both the British pound sterling and the Danish krone.

The British Pound

The pound sterling is the oldest currency in continuous use and is the fourth most traded currency in the FX market, after the US dollar, the euro and the Japanese yen. The sterling is also the fourth most popular reserve currency.

The currency has a long history of coinage and was adopted into the gold standard in the 17th century. The Bank of England was then founded in 1694, where paper money was introduced and the modern currency established.

Sterling was also circulated in much of the British Empire, including Australia, Barbados, British West Africa, Cyprus and Jamaica. During the late 19th and early 20th centuries, many countries adopted the gold standard. At this time, the pound sterling was equal to 4.87 US dollars.

Before World War I when the gold standard was suspended, the United Kingdom had one of the strongest economies in the world, holding 40% of the world’s overseas investments. This changed dramatically after the war, with the country being heavily indebted and owing £850 million with interest. During the Great Depression, the sterling suffered an initial devaluation of around 25%.

In 1940, the sterling was pegged to the US dollar at a rate of £1 = $4.03, as per the Bretton Woods system, which was maintained through World War II. After years of economic pressure, the pound was devalued by 14.3% to $2.40 by 1967.

Throughout the next few decades, the pound fluctuated due to the breakdown of the Bretton Woods system, the 1973 oil crisis, budget deficits, austerity measures and political controversy around the euro replacing the pound.

In 2007, the pound hit a 26-year high of $2.1161. After the global financial crisis in 2008, this depreciated sharply to $1.38 and an all-time low euro rate of 1.0219. The 2016 UK referendum of EU membership also caused a major decline in the pound against other world currencies, causing it to weaken against the euro by 5% overnight.

The Danish Krone

Understanding the history of the krone can aid investment decisions in the GBP/DKK. The krone is the official currency of Denmark, Greenland and the Faroe Islands and was introduced on 1st January 1875. The krone is pegged to the euro via the European Exchange Rate Mechanism (ERM II), at a rate of 7.46 and is required to stay within a 2.25% band. In 2000, a referendum was held on joining the Eurozone, however, 53.2% voted to maintain the krone.

Historically, krone coins have been minted and circulated in Denmark since the 17th century. It was later adopted by the gold standard and the Scandinavian Monetary Union from the 1870s, along with Sweden and Norway.

Between 1940 and 1945, the krone was tied to the German Reichsmark and after the end of the German occupation, a rate of 24 kroner to the British pound was introduced. Within the Bretton Woods system, Denmark devalued the krone in 1949 to a rate of 6.91 to one dollar.

Since the turn of the century, the krone against the euro reached a low of 7.4234 in April 2003 and a high of 7.4732 in March 2020.

Trading GBP/DKK: Pros & Cons


Though not the most popular pair on the market, trading GBP/DKK can come with some good benefits:

  • Stability – Denmark is highly ranked in terms of ‘quality assessments’ and therefore has low levels of economic, political, financial and social risks. In fact, Denmark has been ranked in the top three countries for ‘ease of doing business’ and for ‘ease of trading across borders’. It is also #1 for the ‘least corrupt country’, #10 for the ‘most competitive country’ and #2 for the ‘happiest country in the world’.
  • Volatility – The price chart of GBP/DKK moves sharply on a daily basis due to its exotic status. Traders can profit from such periods of high volatility.
  • Industry – Denmark has a developing technology industry and its capital city, Copenhagen, is considered to be the thriving tech-hub of the Nordic region. With innovative businesses emerging all the time, the DKK is likely to strengthen.


As with all tradable instruments, there are certain risks to consider:

  • Trade pressures – As a small export-focused country, Denmark is highly susceptible to trade pressures from other EU member states. Whilst this can make the economy more competitive, it can also make it vulnerable.
  • Interest rates – Along with Switzerland, Denmark has the greatest negative interest rates in the world due to regular interventions by the European Central Bank. Lower interest rates are not attractive to traders and can indicate a weakening over time.
  • Risk – Trading can be risky both in terms of the volatility of the pair as well as the risks of trading with leverage.

What Factors Affect GBP/DKK?

UK Factors

The UK economy largely consists of the services sector, plus trade and industry. Whilst agriculture is not prominent, the tourist sector is also developed.

Specifically, traders should look out for prices and inflation, as well as interest rates set by the Bank of England. The Consumer Price Index (CPI) is the best measure of inflation. Decisions made by the Monetary Policy Committee (MPC) can also be found on the BoE website.

Confidence and sentiment are also key factors affecting GBP. These are derived from national reports and surveys, including the Gfk Consumer Confidence and the nationwide Consumer Confidence Index (NCCI).

Traders should also keep an eye on GDP and general economic growth, which are key indicators of the health of an economy. As the GDP is a quarterly report, it also helps to supplement your research with more frequent indicators, such as retail sales.

Political events can also impact a currency significantly. The most notable example in the UK was the Brexit referendum in 2016, which has continued to affect the movement of GBP/DKK and other currency pairs.

Danish Factors

Denmark’s priority sectors are services and trade, technology, industry (namely pharmaceutical, chemical and food) plus agriculture.

Traders should look out for general macroeconomic data such as GDP and inflation, plus labour market indicators and the trade balance between Denmark and other EU countries. Trade pressures can be quite significant due to the country’s focus on exportation.

As the krone is pegged to the euro, it is directly impacted by euro market movements. Therefore, it is worth keeping an eye on the movements of the currency’s rivals, for example when the US dollar or the pound sterling weakens.

How To Day Trade GBP/DKK

To start day trading GBP/DKK, you will need to find a reliable and reputable forex broker that offers the pair through a trading platform, such as MetaTrader 4. You can then start building your trading strategy using the various tools available to you. There are a few key points below to consider as a starting point.

Technical Analysis

Technical analysis is one of the key pillars of day trading and is the study of prices over time on a live chart. You can find a GBP to DKK exchange rate history chart at numerous sources, including TradingView, XE and your broker’s trading platform.

Analysing prices and spot rates on a GBP to DKK graph allows traders to forecast any future trends or patterns. You can use a variety of timeframes, from 1 minute up to 5 years or even 10 years, plus a range of technical indicators and graphical objects.

A standard candlestick chart is commonly offered by most platforms and is the most popular chart type for viewing opening and closing prices in real-time. They also indicate bullish and bearish trends with green and red candles. From here, you can add a range of tools such as support and resistance, moving averages or Bollinger bands.

Fundamental Analysis

Alongside your historical exchange rate analysis, you should also implement fundamental analysis tools to broaden your research. Fundamental analysis looks at economic, financial and political reports of the regions related to the market you are trading.

For GBP/DKK, traders should follow data relating to the UK and Denmark, plus any other correlated regions such as the EU. You can find information on many reputable sources, including Yahoo Finance and Bloomberg, but don’t forget to check governmental updates or central bank news releases.

Automated Trading

Some platforms offer automated trading tools such as algorithmic investing robots or signals. Trading bots will automatically scan the markets and enter trades for you when the conditions are right. Signals can also be procured from other traders which allow you to automatically copy their positions into your account.

Both options mean you don’t have to monitor anything yourself, however, these strategies do not guarantee continued success. The popular MetaTrader platforms offer a vast library of Expert Advisors (EAs) and signals which cater to various strategies, though you could also opt for cTrader’s cBots or Copytrader.


A correlation indicates a relationship between two or more assets due to their respective currencies or related nations. Recognising such correlations can help you to analyse certain patterns that might otherwise be overlooked.

For example, GBP/DKK has a strong correlation with the euro, not only because it is pegged to it, but also because Denmark relies heavily on exports to other European countries. This also means that the pair is correlated with EUR/USD.

Risk Management

Whatever strategy you use, it is important to manage your risk and expectations. Even the most experienced traders can be met with unexpected turns in the market. These sudden swings can be extremely damaging if trades are not properly protected.

The first rule is to not risk more than you can afford to lose. Some experts suggest that you should not risk more than 2% of your account balance per trade and always calculate your risk-reward ratio prior to entering the market.

Some of the best tools you can use are stop losses and take profits. A stop-loss allows you to set a predetermined price at which your trade will automatically close to prevent further losses. Note that this is not always guaranteed due to slippage. Take-profit serves the opposite purpose, whereby your trade will close when it reaches a certain profit level.

GBP/DKK Session Times

Forex is a 24-hour market, though there are ideal times of the day when the GBP/DKK is most volatile. In general, the best time to trade the pair is between 10:00 and 18:00 GMT, when the London and New York trading sessions overlap. It’s also worth noting that the most volatile day to trade GBP/DKK is Wednesday.

Final Word On Trading GBP/DKK

To start investing the exotic GBP to DKK currency pair, make sure to follow developments in the UK and European regions, as well as the movements of other correlated pairs. There are plenty of tools available to help you forecast price trends on a GBP/DKK live exchange rate graph, including TradingView or MetaTrader. In any case, you should always consider a good risk management strategy to help protect your investment.

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What Is GBP/DKK?

GBP/DKK represents the exchange rate of the British pound sterling (GBP) against the Danish krone (DKK) and therefore how many DKK can be purchased with 1 GBP. DKK is the quote currency, whilst GBP is the base currency.

How Can I Start Trading GBP vs DKK?

You will need to register with a forex broker and sign in to your trading platform, where you can apply technical analysis strategies to identify price trends. You should also use any available resources and news outlets to keep abreast of economic developments that might affect the price of GBP/DKK.

Is Trading GBP To DKK Easy?

In comparison to other major pairs such as EUR/USD, GBP/DKK and other exotics are not as liquid and make up a smaller share of the forex market. Beginners should therefore consider gaining experience with one of the major forex pairs, before moving on to GBP/DKK.

When Can I Trade GBP/DKK?

The best time to trade GBP/DKK is when the London and New York trading sessions overlap and when the pair is most volatile, between 10:00 and 18:00 GMT. Of the 5-day trading week, the most volatile day overall for the pair is Wednesday.

Why Should I Trade GBP/DKK?

There are some good reasons to trade GBP/DKK, including its high volatility which can present good opportunities to create profits. DKK is also relatively stable due to the strong Denmark economy and its promising industrial future.