Exchange rate EURX not calculate exchange rates between USD and GBP

We have set ExRt as following:
Exrt Usage Ref. crcy
EURX EMU EUR
we have "EMU" flag checked also.
We are maintaining exchange rates (EURX) for EUR with all others currencies.
We expected that, if we have a CoCode set in GBP and we post a document in USD, SAP will calculate GBP <->USD from exchange rates EURX(USD/EUR) and EURX(GBP/EUR). It seems to be incorrect because the system is ignoring EURX exchange rates and using "M" GBP-USD exchange rate and this was not expected by us.
Could you please tell me if it is correct to expect SAP calculates USD-GBP Exchange rates from EURX(USD/GBP) Exrate or I am wrong and I need to maintain "M" exchange rates for USD-GBP.
Thanks in advance

Hi,
Please check the following settings :
Go to IMG --> General Settings ---> Currencies ---> Check Exchange Rate types
Select the Exchange Rate Euro and check mark the EMU check box . Save it
Rgds,
Suresh

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