Difference in gains/losses

As I ask this question, I feel like the answer will be so simple as to make me feel like a dummy but I have to ask anyway.

I hold a US stock and with the new option that shows you your holding in £/$, the US is always up but UK is down.

This is the same stock but showing in diff currencies. What is the reason for this variance, is it just the GBP/USD fx rate?

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Yes the gain/loss takes into account the exchange rate.