As per my understanding, if the quote notation is ‘GBP 0.85 per ’ - a direct quote for , the underlying currency is $. By saying ‘written on ’ - I mean the underlying ccy is .
Shorting forward contract which quotes ’GBP 0.85 per ’ means longing the forward contract which quotes ’ 1.18 per GBP’
‘GBP 0.85 per ’ - the underlying is here
’$ 1.18 per GBP’ - the underlying is GBP here
one final time, are these statements correct ??