Trading GBP/PLN

GBP/PLN is an attractive exchange rate quote for experienced and savvy investors, due to its high volatility and low liquidity. This page explores some key considerations when trading the GBP to PLN pair online, including an overview of live chart forecast strategies. Find out if you’re ready to start investing in the GBP/PLN today.

GBP/PLN Trading Brokers

  1. XTB

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    XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.

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    Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.

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    FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.

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    Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

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    IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.

  6. XM

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    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

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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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    FxPro offers 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, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

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    Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.

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    IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.

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    Markets.com offers 43 major, minor and exotic currency pairs. The range is around the industry average, though spreads are fairly competitive, starting from 0.6 pips for EUR/USD. There’s also an excellent range of tools and education, including forex calculators and trading videos.

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    NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).

  13. Axi

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    Axi continues to offer a strong selection of 70+ currency pairs - more than many top brokers including award-winner AvaTrade, with only 50+. There are no restrictions on trading strategies including algo trading and scalping, which will serve both short-term and long-term traders.

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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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    IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

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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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    FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

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    PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.

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    An above-average selection of 55 currencies are available with reasonable spreads averaging 0.9 pips on EUR/USD during peak hours. Aspiring traders can continuously hone their forex strategies by switching between demo mode and their live account any time, with full access to the broker's 100+ technical indicators.

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    DNA Markets continues to deliver an excellent environment for forex traders with 40+ currency pairs and low spreads from 0.0 pips on the EUR/USD during tests. The MetaTrader 4 platform, available on desktop, web and mobile, was also designed specifically for forex trading.

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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 and competitive spreads through the ECN model. 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 raw spreads on the MT5 platform. There are also no restrictions on short-term trading strategies, including hedging, scalping and the use of Expert Advisors (EAs).

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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 a decent range of 50+ forex pairs with raw spreads from 0.0 pips. Very high leverage up to 1:1000 and commission-free forex trading is available. With that said, the broker is not particularly transparent when it comes to 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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    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 45+ forex pairs. CFD spreads start from 0.3 pips and binary options payouts are decent up to 95%. This is competitive compared to Pocket Option, for example, offering forex payouts up to only 81%.

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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 40+ major, minor and exotic currency pairs. Although the range is average, experienced traders can access very high leverage up to 1:2000. Additionally, the broker’s proprietary terminal delivers advanced analysis tools, including a live forex heatmap.

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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 an average selection of 40+ forex pairs with up to 1:500 leverage. Forex spreads in the ECN account are highly competitive, starting from 0.0 pips, although the 1.2-pip minimum quotes in the Standard account are a little higher than the likes of Pepperstone or IC Markets.

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    Binary and OTC options can be purchased on 40+ currency pairs, with 55+ currency pairs available if you deposit $1000. Typical payouts are reasonable at 81% and the $1 minimum trade makes the broker accessible to new forex traders. There is also access to the MT4 and MT5 platforms for experienced forex traders.

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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 trading strategies.

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    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies.

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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's strongest offering is its 60+ currency pairs, which can be traded with very high leverage up to 1:500. The broker also offers competitive forex spreads starting from 0.4 pips and charges no commission. Additionally, traders have access to MetaTrader 4, which was built for forex trading and offers excellent support for technical analysis and algo trading.

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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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    M4Markets offers 45+ currencies with zero pip spreads. The low latency and 30-millisecond execution speeds makes the broker a decent choice for forex traders. Additionally, there are no restrictions on trading strategies, including scalping.

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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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    I’m happy with Tradeview’s strong range of 60+ currency pairs spanning majors, minors and exotics with competitive spreads from 0 pips in the $1000 ILC account. Traders can choose from several platforms, but I was particularly impressed with the feature-rich Currenex platform which is designed specifically for currency trading.

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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 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 low, coming in at 0.2 pips for EUR/GBP during peak market hours and the low/no commission models will suit beginners and high-volume forex traders.

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    RoboForex offers trading on 30+ currency pairs, trailing category leaders like Pepperstone with its 90+ forex assets. That said, the Prime and ECN accounts feature competitive average spreads of 0.1 pips on the EUR/USD. Additionally, with a minimum investment of $100, traders can utilize the CopyFX system to replicate the strategies of seasoned currency traders.

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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 provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.

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    You can go long or short on over 50 forex pairs from majors to exotics, with competitive spreads as low as 0.1 pips. The broker offers the leading charting software, MetaTrader 4, which delivers a host of advanced features, including 9 timeframes and over 30 indicators.

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    FXDD continues to offer a leading selection of 90+ currency pairs with ECN pricing. Spreads are decent, coming in at 0.4 pips for EUR/USD during testing. That said, these quotes aren’t as narrow as top competitors like Pepperstone.

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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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    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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    Trade 50+ forex pairs via the MetaTrader 4 and MetaTrader 5 platforms with leverage up to 1:500, immediate execution, deep liquidity and tight spreads.

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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 continues to offer a strong selection of 80 currency pairs. You can trade through the market-leading MT4 platform with a range of forex market research tools. That said, commission charges in the zero-spread accounts are high, starting from $13.50 per lot.

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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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    NordFX offers a modest range of 33 major and minor forex pairs. Disappointingly, there are no exotic pairs, though traders do benefit from tight spreads from 0.0 pips and low commissions from 0.0035% per side.

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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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    Hantec Markets offers a limited range of 30+ forex pairs – less than most top brands, including Pepperstone with 100+. That said, market execution is rapid based on tests, and spreads are competitive starting at just 0.2 pips. This, combined with access to the popular MT4 platform with 30+ technical indicators, ensures a relatively complete trading experience for short-term currency traders.

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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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    Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.

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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 currency pairs, which is around the industry average. Forex traders can benefit from tight 0.0-pip spreads for EUR/USD during peak market hours. Additionally, the ThinkTrader proprietary platform offers an impressive 125+ technical indicators - ideal for complex forex strategies.

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    CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.

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    FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.

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    Trade FX pairs with tight spreads & leverage.

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    easyMarkets continues to offer 60+ forex pairs including majors, minors and a selection of exotics, with fixed spreads from 1.8 pips or variable spreads from 0.8 pips. FX traders can access advanced trading software in MetaTrader, as well as very high leverage up to 1:2000.

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    Fusion Markets offers an excellent selection of 90+ currency pairs, providing a range of short-term trading opportunities. It continues to excel for its ultra-tight spreads from 0.0 pips and exceptionally low commissions of $2.25 per side. You also get access to leading forex software in MetaTrader 4.

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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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    FXCM offers an average range of 40+ currency pairs, although there are no commissions and spreads are competitive from 0.78 pips for EUR/USD. The broker also offers 3 forex baskets covering USD, Yen and emerging markets benchmarks.

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    InstaForex's range of 100+ currency pairs is among the largest we have seen. ECN spreads are also available from 0.0 pips with zero commissions. Minimum deposits start from $1 making the broker accessible for beginners. You can also access market-leading forex analysis and insights.

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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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    Capital.com offer a long list of forex CFD pairs for trading. All have competitive spreads. The firm also ensures negative balance protection

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    Trade over 180 major, minor, and exotic forex pairs on the Trading 212 platform, featuring floating spreads and leverage up to 1:30. It’s important to note, though, that the forex broker has a history of adjusting margin requirements without providing adequate notice. As a result, CMC Markets is a better pick for forex traders with more currency pairs and a cleaner record.

Introduction To GBP/PLN

GBP/PLN is a currency pair representing the exchange rate quote of Polish zloty (PLN) against one British pound sterling (GBP). At the time of writing, GBP vs PLN is quoted at a rate of 5.14, which means you need 5.14 zloty to purchase one pound.

As the oldest circulated currency, the British pound has an extensive history, defined by its adoption in the gold standard, the British Empire era, the Bretton Woods system and the impact of the World Wars. The zloty has also experienced a turbulent history after decades of political struggles, hyperinflation and economic crises throughout the 20th century. We’ve dissected the key events below.

The British Pound

Although its origins date back to the Anglo-Saxon period, the modern sterling currency was founded in 1694 when the Bank of England was established. Today, the sterling ranks fourth in the most traded world currencies (making up 12.8% of daily forex turnover) and is also in the top 5 of the world’s reserve currencies.

During the two World Wars, the sterling depreciated dramatically due to severe national debt. After World War I, Prime Minister Winston Churchill re-introduced the gold standard in 1925, though the system was abandoned in 1931.

Towards the end of World War II, the UK joined the Bretton Woods Accords, which designated the USD and GBP as global reserve currencies. Nonetheless, the pound was fixed to the USD, which in turn was pegged to gold. The system was in place until 1971.

From this point, the pound has experienced dramatic ups and downs, owing to political unease during the Thatcher era, Black Wednesday and the 1973 Oil Crisis, to name a few. Since 1992, the pound has been a free-floating currency and despite being a member of the European Union until 2020, the UK never adopted the euro.

The Polish Zloty

As the most traded currency in Central Europe, the Polish zloty (PLN) ranks 22nd in the forex market. The zloty began circulation in 1924 to replace the Polish marka, at a rate of 5.18 zloty per one US dollar. The Mennica Polska, in Warsaw, is the only body permitted to manufacture or mint zloty coins.

In the 1930s, Poland was experiencing an economic crisis and a huge debt burden. Between 1935 and 1939, Poland nationalised its major industries causing the economy to briefly stabilise. However, World War II crippled the economy again, with the government fleeing the country during the Soviet invasion.

After years of communist reforms following World War II, Poland entered into a deep recession between 1978 and 1994, after inflation surged and the zloty devalued. In the 1980s, hyperinflation in the country caused the currency to collapse, alongside poor economic productivity and severe public debt.

In the late 1980s and 1990s, the country was forced to liberalise the economy and transition state enterprises into private hands. From 1993, hyperinflation had reduced and the zloty regained the confidence of foreign investors.

Poland became a member of the European Union in 2004 but has not yet adopted the euro. The country was also the only economy in the EU to avoid recession during the 2008 global financial crisis. Today, the value of the zloty against the euro and the US dollar has been steadily increasing.

Trading GBP/PLN: Pros & Cons

Regardless of experience level, investing in the GBP/PLN pair will be more demanding than major forex pairs and will require a good level of commitment. Whilst there are some clear benefits, traders should also weigh up the various limitations and risks involved.

Pros

  • Volatile market – Exotic cross currencies are characterised by highly volatile and fast-moving prices. Experienced traders with a solid risk profile in place can profit from these sudden daily price swings.
  • Fast-growing economy – Over the past decade, Poland has developed its economy and enjoyed consistent growth, even after avoiding falling into recession in 2008. It is now ranked in the top 20 economies worldwide in terms of GDP.

Cons

  • High risk – As with any volatile market, the tempting opportunities also come with immense risks which can be extremely damaging if traders have not implemented appropriate money management techniques.
  • Low liquidity – Due to low liquidity, the GBP/PLN pair is more likely to experience unpredictable volatility and slippage, which many traders prefer to avoid.
  • Limited resources – Compared to other more commonly traded pairs, there are limited resources and data relating to GBP/PLN. Traders may therefore find it more difficult to keep on top of the news cycle.
  • Wider spreads – Because of lower liquidity in the market, brokers will charge a wider spread on pairs like GBP/PLN. Therefore, trading this pair is more feasible for those with more capital to invest.

What Factors Affect GBP/PLN?

UK Factors

Relative to other nations, the UK enjoys diversity within the financial, exports and manufacturing sectors. In fact, its global status as an economic superpower owes largely to the combination of English, Northern Irish, Scottish and Welsh resources.

Although it is technically classified as a service-based economy, the UK is one of the largest importers and exporters in the world. The nation depends on the banking, insurance and business-support sectors, as well as imports of foreign goods and services. The UK’s top trading partners are the US, Germany, France and the Netherlands, and its top industries include aerospace and pharmaceuticals.

To gauge the health of the economy based on these factors, traders should look out for macroeconomic data such as Gross Domestic Product (GDP). Since 2000, the UK experienced a significant downturn in GDP, compared to the highs of the 1970s and 1980s.

You can also find reports of inflation indicators, such as the Consumer Price Index (CPI) and interest rates, which are set by the Bank of England. Trade balances are also important in determining the performance of imports and exports in the UK.

More recently, political factors and other world events have been key drivers of economic performance in the UK. The Brexit vote, for example, has initiated severe uncertainty in the region since 2016. In 2020, the pound dropped to its lowest level against the dollar since 1985, due to the Coronavirus pandemic.

Poland Factors

The zloty has experienced a turbulent and chaotic valuation history, caused by numerous political-economic challenges and hyperinflation. Today, the country is still transitioning from post-communism to a capitalist economy.

The GDP per person is below the EU average and many inhabitants are still living in poverty. Reports on macroeconomic data and GDP will be important factors to watch when trading PLN against any currency.

The Polish central bank is the Narodowy Bank Polski (NBP), which implements monetary policies and aims to maintain price stability. Since 1998, the body has also been responsible for maintaining its inflation target. Any decisions made by the NBP will likely impact the direction of GBP/PLN.

In terms of industry and trade, over 90% of Poland’s economy consists of the industrial and service sectors, with steel and iron production, mining, chemical fertilisers and shipbuilding being the main industries. Poland’s key trading partners are Germany and Russia and popular agricultural exports include fish, potatoes, dairy products, speciality bread and chocolate.

Traders should keep an eye on international demand for Poland’s exports, which will play a major role in the value of the zloty. Poland is less dependent on external trade than some of its EU counterparts, though it still relies on substantial trade with the EU. Therefore, any change in major exports, coal and iron, will also influence the currency.

Furthermore, since Russia is a key trade partner, any volatility there will also affect the value of the zloty, which might include political or social unrest. Also, if Poland does decide to enter the eurozone and adopt the euro, traders should expect volatility in the GBP to PLN exchange rate.

How To Day Trade GBP/PLN

Now that we’ve covered the historical timelines and influencing factors of this dynamic pair, we can now consider the tools and strategies needed to start making forex predictions. The below should provide a solid starting point.

Technical Analysis

Technical analysis plays a large and important role in most comprehensive day trading methods. For exotic pairs like GBP/PLN, many traders will opt for various strategies including trend, breakout or range trading.

You can start by using a wider time-frame on your live daily chart rather than, say, a 5-minute graph, which will eliminate any initial fear of volatility. Trend trading strategies will involve identifying an overall trend and going long or short, depending on whether the market is bullish or bearish.

If you opt for range or breakout trading, utilise the support and resistance levels and supplement your analysis with popular chart patterns, such as descending triangles, wedges or pennants.

Make sure to utilise a good range of technical indicators to map out the historical GBP to PLN exchange rate on your live chart and identify any patterns over time. Most online providers will offer GBP/PLN chart history of at least 10 years, including XE and TradingView.

Fundamental Analysis

As we are trading outside of the eight major currency pairs, there is a greater risk of the price spinning off into another direction, due to a sudden political or economic event. As such, it is more difficult to keep on top of the news for emerging markets.

This highlights the importance of sound forex knowledge and commitment when trading volatile currency pairs. News resources, economic reports and GBP/PLN market sentiment should be your key tools.

You will also need to utilise a range of different outlets to get the information you need, including Yahoo Finance, Bloomberg or Reuters, though national Polish news is also a bonus if you are fluent in the language. Trader forums can also be excellent tools for trading ideas and analysis.

Remember, keeping on top of your fundamental analysis strategy will be vital in supporting your GBP to PLN forecast for 2024 and beyond.

Automated Trading

Automation in forex trading has increased in popularity in recent years, with vast libraries of custom robots and signals readily available on certain platforms. These tools can not only take the time and stress out of daily trading, but they can also cater to a range of strategies and GBP/PLN investing styles.

With that said, any trader thinking about employing algorithmic trading solutions should approach with caution. Many forex scams will claim to offer a fully tested bot and guaranteed profits, particularly targeted at novices.

GBP/PLN Correlation

Some currencies can be correlated with others, whereby the two instruments moving in tandem represent a positive correlation, whilst a move in opposite directions would represent a negative correlation.

For example, EUR/USD is positively correlated with GBP/USD because of the relationship between the euro and the pound. It might be worth looking out for any similar correlations between GBP/PLN and assets relating to the movement of Russian rubles, as the two nations are closely linked.

Risk Management

When dealing with exotic currency pairs like GBP/PLN, it’s best to test out the risky environment within a demo account first. Once you’ve determined a suitable strategy, you can backtest it within the platform to observe how it copes in the environment. You can then trade in demo mode without risking any real money.

Money management tools such as stop-losses and take-profits will also ensure that your account does not drop below or surge above your pre-determined parameters.

GBP/PLN Session Times

Traders should look to trade currency pairs when volatility peaks. As such, the best time to trade GBP/PLN is between 08:00 and 16:00 GMT, when the UK and European market sessions are open. Note that if you choose to trade outside these times, there will likely be higher spreads on GBP/PLN.

Final Word On Trading GBP/PLN

If you decide to start trading the GBP to PLN exchange rate, there are some considerations to be aware of. Firstly, as with any pair involving an emerging and less liquid market, the risks are higher. Whilst the profit potential can be attractive, it can lead to heavy losses if you lack appropriate experience. Keeping on top of economic news and employing robust technical analysis will be key.

Remember, you can always try out a GBP/PLN live chart to analyse historical data and forecast prices within a risk-free demo account. This way, you can witness the dramatic price swings first-hand and get an initial feel for how the market behaves. You can find demo accounts at most good brokers, including Oanda, XTB and IG.

Find out more about forex trading.

FAQ

What Is GBP/PLN?

GBP/PLN is an exotic cross FX rate pair of the British pound (the base currency) against the Polish zloty (the quote currency). The quote determines how many PLN are needed to buy one GBP.

What Is The Difference Between PLN And Zloty?

The Polish zloty is the official currency and legal tender of Poland. Within the forex market, the currency is represented by the ISO code: PLN. Therefore, PLN and zloty are the same, but the terms are used in different contexts.

Why Is Zloty PLN?

The zloty is represented by the PLN ISO code where the first two letters represent the country, Poland (i.e. Polski) whilst the N is thought to represent the word ‘nowy’ which means ’new’. Before 1995, the old zloty currency was instead represented by PLZ.

What Is PLN In Pounds?

1 PLN to GBP varies throughout the trading day. If you need to find out how many PLN to the pound at any given time, you can find a GBP to PLN currency converter on several reputable websites, including XE and Transferwise. Online currency converters are excellent tools that can get you a quick quote, as well as historical data and analysis.

Should I Trade GBP/PLN?

The GBP/PLN pair can offer dynamic price swings which can be profitable if you have a sound knowledge of the market and the risks involved. Beginners should spend some time trading a few major pairs before venturing into the exotics and crosses.