Ask price is the price at which a trader will buy a currency pair. Both of these prices are given in real-time and are constantly updating. So for example, the British pound against the US dollar has a bid price of 1.26810, that’s the price a trader wants to sell the GBPUSD.
The average trader contends with the bid and ask spread as an implied cost of trading. A seller who thinks a currency will decline, might sell at the bid price to take advantage of the fall. If the British pound against the US dollar has an ask price of 1. 26830, that’s the price a trader wants to pay in order to buy the currency pair.