Question

If the $/£ bid and ask prices are $1.50 and 1.51, respectively, the corresponding £/$ bid and ask prices are

Answer 1

You will get confused like every one. I have small trick to share before giving you the solution.

" you sell cheap and higher price"

It is clear from above price you can buy 1.51 and sell it on 1.50.

Similarly corresponding prices are 1/1.51 and 1/1.50 or 0.66 and 0.67.

You can buy pound for 0.67 while you can sell it at 0.66.