Currencies are always traded in twos. Per instance, if you want to trade your US dollars(USD) for British pounds(GBP) then your currency pair get USD/GBP, the currency on the left being the base currency. The fundamental currencies being traded on the Forex market right now become the Japanese yen, the states dollar, the British pound, the Swiss frank, the Euro, the Canadian dollar, the Australian dollar and the Nz dollar. These currencies are what most pairs comprise coming from all. The US dollar will be a part of most pairs, exactly what you would prefer to trade, let's say, Australian dollars for Japanese yens, this particular pair would be called an exotic pair and should only be traded by experts in these markets.
To better understand how forex quotes works allow us to assume on the following sample quote price for EUR/USD (Euro Dollar); Sell price 1.3120 and get price one.3123, this quote means that you can buy EUR/USD at 1.3123 and you can sell it or short sell it at only one.3120. You notice that the sell price and also the buy value is not equal, their difference is could know as spread.
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