what is flexibility mean

1. What does this quotation mean Under the following quotation from a bank to a client GBP:USD 1.51.7? 2. A UK exporter expects to receive 40,000$ in 3 months time. She was quoted the following exchange rate pair : [1.5 ; 1.7]. How much would the exporter expect to receive from the bank in GBP. 3. A UK bank quoted the following exchange rate pair on 21/10/200X:[1.5;1.7]. The trading volume on that date for this bank was 20,000,000$ bought and 20,000,000$ sold