I don't want to give too much help either as the idea of these interviews is to show what
you can do, not what other people can do. Asking intelligent questions on CP is a good start though :P. I'll give a very brief overview of how I'd approach this.
1. First find a data source. There are various trading API providers but if you just want 5 minute data and don't mind it being delayed, there are many free sources. Look for one which provides the data as a web service you can bind to from VS, if you're going for a .Net desktop app (WCF is good, REST or the older version which I can't currently remember the name of which uses SOAP as the transfer protocol is also fine), so you can auto-generate the client side stuff and not have to parse up a server response.
2. Store the prices in a business layer. Okay, they only asked you for one price, but in the real world this app would almost certainly subscribe to multiple prices so I'm going to violate the Extreme Programming 'You Ain't Gonna Need It' principle and prepare for that now. For your problem this layer is trivial:
class PriceModel {
decimal USDGBP;
}
... but you could make it implement INotifyPropertyChanged and therefore be bindable. Your web service client should assign to this property, and the setter should notify the UI when that happens. (Again, for such a trivial case this isn't really necessary but I always start as I mean to continue.)
3. The UI should have a field which is bound to that. Either with actual data binding or a notify event handler which sets the UI field.
4. Somewhere, you need to store the previous value, so you can do change related updates. For a trivial case like this you can probably use the UI field itself as the cache (as change display is a UI related thing I don't mind this too much).
5. For logging, bind a logger to the notification event of the business layer. I'm not sure what 'application activity' means but the logger should also be available in other places where you want to log stuff.
I hope you are honest about asking for help if it is asked ;). (Heh, if I were setting these questions I think this answer is at the level where it should be helpful without actually doing the problem for you.