If we take a look at this chart we can see from 1980 to early 1985, GBP/USD was in a strong downward trend. Then for the next few years the pair trended upwards sharply. During the early 1990’s the pair hit the psychological $2 area then both times there was a very big correction. The pair was largely range bound for the rest of the 1990’s and began an up trend in 2002, We are still currently on this long up trend.

The all time high for the pair was in November 1980 at 2.4540

The all time low for the pair was in February 1985 at 1.0463