British Pound (6B)

What 6B tracks

6B is the CME British Pound futures contract. One contract covers 62,500 pounds sterling, priced in US dollars per pound, so it moves with the GBP/USD exchange rate, often called cable.

The minimum tick on 6B is a full pip, 0.0001, worth $6.25. That is different from 6E, which ticks in half pips. 6B is physically delivered, but almost all traders close or roll before the last trading day.

6B contract specifications

Specifications come from CME Group: CME Rulebook Chapter 251, CME FX futures overview, CME FX monthly futures, CME Micro FX futures. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves 6B

Several forces tend to drive 6B prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Bank of England policy. Rate decisions and guidance from the Bank of England, set against Federal Reserve policy, drive much of the pound's direction.
• UK data. Inflation, wage and growth figures can shift rate expectations quickly.
• Fiscal and political news. UK budgets and political events have caused large pound moves in the past.
• Global risk mood. In periods of stress, demand for the US dollar often rises, which can weigh on 6B.

Example P&L math

Say 6B rises by 0.0050, a 50-pip move, while you hold one long contract. That is 50 ticks of $6.25, so:

• 50 ticks × $6.25 = $312.50 per contract.
• A long position gains $312.50, and a short position loses $312.50. The math works the same way in reverse.
• On the Micro GBP/USD (M6B) contract, the same 50-pip move is worth about $31.25, one-tenth as much.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

Our tick value calculator and position size calculator currently cover the original 16 contracts on FuturesPro and do not include 6B yet. You can still do the math by hand using the tick value and point value above.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

6B vs M6B

CME lists a smaller Micro GBP/USD contract, M6B, at one-tenth the size of 6B. M6B ticks in 0.0001 increments worth $0.625. We do not have a separate guide for M6B yet, so check its CME spec page for full details.

When the smaller contract fits: smaller accounts, learning, and strategies that need to scale in small steps. Micro contracts can trade less actively than the full-size contract, so check the bid-ask spread before you rely on one. When 6B fits: larger accounts and traders who need the most active market, accepting that each tick is worth $6.25.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 20-pip stop on 6B, each contract risks $125, so 1 contract fits within that limit.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

6B is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Euro FX (6E)
• Japanese Yen (6J)
• 10-Year T-Note (ZN)
• E-mini S&P 500 (ES)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of 6B?

One minimum tick on 6B is $0.0001 per pound (one pip), worth $6.25 per contract. The point value is $6.25 per 0.0001 (one pip).

What are the trading hours for 6B?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a 60-minute break starting at 5:00 p.m. ET (5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is 6B cash-settled or physically delivered?

6B is physically delivered. The last trading day rule: second business day before the third Wednesday of the contract month. Delivery takes place on the third Wednesday.

How much margin do I need to trade 6B?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

What is a pip on 6B worth?

One pip (0.0001) is the minimum tick on 6B and is worth $6.25 per contract. A 100-pip move is $625.