Forex cross, where am I losing the plot

Perhaps someone can explain to me where I'm going wrong.

Daily, OANDA send me a cross table of selected currencies, take Thursday 06 December 2012, prices are ask at cash rate:

EUR/GBP = 0.7793

Therefore 1 Euro buys 78 pence

To calculate GBP/EUR I would apply the formula 1/0.7793

This gives me 1 Pound buys 1.28 Euros 

YET on the same cross table 1 Pound buys 1.19 Euros

What happened to the other 9 Cents?

Where have I lost the plot?

Comments
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Forgotten Bid/Ask spread

stepurhan |
stepurhan's picture

As stepurhan says

BKD |
BKD's picture

Forex cross, where am I losing the plot

Paul Cleverley |
Paul Cleverley's picture

Interesting

paulwakefield1 |

Thanks, paulwakefield1,

Paul Cleverley |
Paul Cleverley's picture