The expression for % change in exchange rate for USD/GBP is given by
[S(t, USD/GBP)-S(t+1, USD/GBP)]/ S(t, USD/GBP)
[S(t+1, USD/GBP)-S(t, USD/GBP)]/ S(t+1, USD/GBP)
[S(t+1, USD/GBP)-S(t, USD/GBP)]/ S(t, USD/GBP)
[S(t, USD/GBP)-S(t+1, USD/GBP)]/ S(t+1, USD/GBP)