Futures Spread Trading

Chart wise, I believe the pound/$ and euro/$ is subtracted to create the spread. Which gives you a spread price.. However, the euro/pound is divided to let you measure what the euro is worth .. It seems that you can't measure what a currency is worth unless you compare it with another currency.. Which makes the euro/pound not a spread trade, but more of an outright trade..

Does that seem correct?!?
 
Quote from cml2949:

Chart wise, I believe the pound/$ and euro/$ is subtracted to create the spread. Which gives you a spread price.. However, the euro/pound is divided to let you measure what the euro is worth .. It seems that you can't measure what a currency is worth unless you compare it with another currency.. Which makes the euro/pound not a spread trade, but more of an outright trade..

Does that seem correct?!?
More...

spread trade you make your dough in dollar
currency pair you make your dough in the currency you long
which is subject to exchange risk between that currency and your local currency ?
something like this ?
 
Boy has the spread been wild.. The first day trading the 6e-6s spread it moved 30 something ticks.. Whats the norm on the trading range of the euro/swiss franc spread trade?
 
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