Cable Definition - Cable is forex jargon often used among currency traders when referring to the British Pound (GBP) or the Sterling/US Dollar exchange rate. The name is derived from the 1800s when the British Pound was more dominant and the currency was continually wired between North America and Europe via transatlantic cable. The British Pound is also referred to as Sterling, which is taken from the time when the currency was pegged to silver, where one British Pound was equal to one pound in weight of silver.