EUR/GBP is quoted in pounds, so a pip is worth £10 per standard lot. On a dollar account that has to be multiplied by GBP/USD, which puts the pip above $10 for as long as the pound is worth more than a dollar. Sizing it at $10 per pip therefore risks more than you intended. This calculator converts the £10 pip into your account currency with the latest ECB reference rate. The worked examples below assume GBP/USD at 1.3000 ($13.00 per pip per lot) and EUR/GBP at 0.8300 (€12.05 on a euro account).
EUR/GBP contract facts
| Item | Value |
|---|---|
| Standard lot | 100,000 EUR |
| Mini / micro lot | 10,000 / 1,000 EUR |
| Pip | 0.0001 (4th decimal; the 5th decimal is the MT5 "point") |
| Quote currency | GBP |
| Pip value, 1 lot | £10 |
| Pip value in USD | 10 × GBP/USD rate |
| Pip value at GBP/USD 1.25 / 1.30 / 1.35 | $12.50 / $13.00 / $13.50 |
| Pip value in EUR | 10 ÷ EUR/GBP rate |
| Pip value on a GBP account | £10, no conversion |
A standard lot is 100,000 euros of exposure; how much a lot is in forex explains the units.
Computing the pip value yourself
The pip is paid in pounds. Convert it with the rate between pounds and your account currency:
Pip value per lot (USD) = 10 × GBP/USD rate
Pip value per lot (EUR) = 10 ÷ EUR/GBP rate
Pip value per lot (GBP) = 10GBP/USD is quoted as dollars per pound, so you multiply; EUR/GBP is pounds per euro, so you divide. At an assumed GBP/USD of 1.30 the pip is £10 × 1.30 = $13.00. On a euro account at an assumed EUR/GBP of 0.83 it is 10 ÷ 0.83 = €12.05. These rates are assumptions for the examples, not quotes. The calculator uses the day's ECB reference rate and shows its date under the result; the pip value calculator gives the value for any lot size.
The lot size formula for EUR/GBP
Lot size = (Account balance × Risk %) ÷ (Stop loss in pips × Pip value per lot)Work out the loss per lot in pounds, convert it once, then divide. The complete lot size guide shows the same steps on other pairs. Lot sizes are rounded down to 0.01, as the calculator does.
Example 1 — $10,000 account, 1% risk, 20-pip stop, GBP/USD 1.3000 (assumed):
- Risk amount: $100
- Loss per lot: 20 × £10 = £200 = $260.00
- Lot size: $100 ÷ $260.00 = 0.385, rounded down to 0.38 lots
Example 2 — $5,000 account, 1% risk, 15-pip stop, GBP/USD 1.2500 (assumed):
- Risk amount: $50
- Loss per lot: £150 × 1.25 = $187.50
- Lot size: 0.26 lots
Example 3 — €10,000 account, 1% risk, 20-pip stop, EUR/GBP 0.8300 (assumed):
- Risk amount: €100
- Loss per lot: £200 ÷ 0.83 = €240.96
- Lot size: 0.41 lots
Example 4 — $100,000 prop-firm account, 0.5% risk, 25-pip stop, GBP/USD 1.3000 (assumed):
- Risk amount: $500
- Loss per lot: £250 = $325.00
- Lot size: 1.53 lots
On a funded account, check the size against the daily loss limit too. Prop firm daily drawdown explains how it is measured, and prop firm rules lists it by firm.
Quick reference: EUR/GBP lot size at 1% risk (GBP/USD 1.3000 assumed)
| Account | 10-pip stop | 15-pip stop | 25-pip stop | 40-pip stop |
|---|---|---|---|---|
| $1,000 | 0.07 | 0.05 | 0.03 | 0.01 |
| $5,000 | 0.38 | 0.25 | 0.15 | 0.09 |
| $10,000 | 0.76 | 0.51 | 0.30 | 0.19 |
| $50,000 | 3.84 | 2.56 | 1.53 | 0.96 |
| $100,000 | 7.69 | 5.12 | 3.07 | 1.92 |
For 0.5% risk, roughly halve each figure; for 2%, roughly double it. At GBP/USD 1.25 every figure is about 4% larger, at 1.35 about 4% smaller.
What makes EUR/GBP different
- The pip is in pounds. Unlike EUR/USD or EUR/JPY, the pip is paid in sterling. On a dollar account the conversion uses GBP/USD, and it is a multiplication.
- It is the ratio of two dollar pairs. EUR/GBP = EUR/USD ÷ GBP/USD. A long EUR/GBP behaves like a long EUR/USD combined with a short GBP/USD, so it often moves when one of those two moves on its own news.
- Two neighbouring central banks. ECB and Bank of England decisions, and eurozone and UK inflation data, are the events that move it most directly. US data matters less here than on the dollar pairs, because the dollar is not in the pair.
- Stops are often tighter in pips. Traders commonly use smaller pip stops on EUR/GBP than on the dollar pairs, which makes the spread a larger share of the stop. Add the spread before sizing.
- London hours carry the liquidity. Both currencies are European, so the pair's main session is the European day.
Common EUR/GBP sizing mistakes
- Using $10 per pip. At GBP/USD 1.30 the true value is $13.00, so the position comes out 30% too large.
- Dividing by GBP/USD instead of multiplying. £10 ÷ 1.30 = $7.69, which makes the position about 69% too large.
- Overlapping positions. A long EUR/GBP and a short GBP/USD both lose if the pound rallies.
- Ignoring the spread on a 10-pip stop. On tight stops, the spread and commission decide a large part of the real risk.
- Keeping the same lot size when GBP/USD moves. The dollar value of a pound-quoted pip moves with it.
Track your EUR/GBP trades in Fips
The calculator on this page is free and needs no account. Fips, the trading journal it belongs to, is in private beta with access by waitlist. In the trading journal, MT4 and MT5 accounts sync through the read-only investor password and cTrader through view-only access; other platforms come in by CSV import or manual entry, and Fips never asks for your login password. On a pair traded with tight stops, comparing the planned loss with the loss you actually took shows how much spread and slippage add.
Frequently asked questions
How much is 1 pip on EUR/GBP?
£10 per standard lot. On a dollar account that is 10 × GBP/USD: $13.00 at 1.30, $12.50 at 1.25, $13.50 at 1.35.
Why is the EUR/GBP pip value more than $10?
Because the pip is paid in pounds, and while one pound is worth more than one dollar, £10 is worth more than $10.
What lot size should I use on a $10,000 EUR/GBP account?
At 1% risk and a 20-pip stop with GBP/USD at 1.30, 0.38 lots. With a 15-pip stop, 0.51 lots.
Does the calculator on this page use a live rate?
It uses the latest daily ECB reference rate, shown with its date under the result. It is not a live quote; if the rate cannot be loaded, the calculator asks you to enter it.