I am originally from UK and recently got Chilean citizenship as my parents are Chilean and am living in Chile at present. GOG detects my new locale, and prices are now in US dollars instead of pounds. But is it possible to change this back to pounds? As i tend to use my UK bank account to make transactions on the internet and if it were in pounds i could avoid a conversion charge. Under settings it shows my current locale and shows currency as dollars, but i am unable to select that box to change it. Is it not possible?

Nope. Your stuck with USD, except when you visit the UK. It's either your regional currency or USD.

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That's a shame. Technically the currency of Chile isn't USD here either, so it would be nice if in these cases it let you pick a currency if that nations isn't represented, instead of defaulting to dollars.

Always look at the bright side: I'm pretty sure the nearly 40% discount in your region more than offsets any conversion charge from your bank.