Say I have two 2D vectors, one for an objects current position and one for that objects previous position. How can I work out the angular direction of travel?
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If you're in C (or other language that uses the same function set) then you're probably looking for the atan2() function. From your diagram:
atan2()
double theta = atan2(x1-x, y1-y);
That angle will be from the vertical axis, as you marked, and will be measured in radians (God's own angle unit).