Directly put, ‘What is the value of the GBP against the USD? One currency normally has a greater value than the other. This is mostly reflected by a countries economic status. In the above example, the GBP is called the base currency and USD is called the quote currency. Conversely, when you sell the currency pair, you sell the base currency and receive the quote currency. So in the above example, the bid or buy price represents how many USD are needed to buy one unit of the GBP.
In previous articles, I mentioned go long and go short without properly explaining. That is what It basically means to go long or go short on a currency pair. GBP was going to gain value against the USD. GBP was going to lose value against the USD.