If my Accounting Currency is USD and Reporting Currency is EUR

If I do a transaction in GBP 

1. how does AX do the currency translation out of the box 

is it GBP => USD then GBP => EUR

2. and what if I activate Triangulation 

then it will be 

GBP => USD then USD => EUR

3. now if i run the revaluation will it be the same as i mentioned above Originating currency to Base Currency then Originating Currency to Reporting Currency

is this accurate ?