GBP stands for Great British Pound, which is the official currency of the United Kingdom, including England, Scotland, Wales, and Northern Ireland. It is also commonly referred to as the pound sterling. The pound is subdivided into 100 pence, and it is managed by the Bank of England. The pound is one of the world’s most widely traded currencies and is used for a variety of transactions, including commerce, investment, and tourism. The currency is denoted by the symbol “£”.