Forex Market Update London Session

Session brief Neutral bias Sep 24, 2026, 07:54 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Major currency pairs stabilize during early European trade, showing fractional gains against the US dollar ahead of German sentiment data and central bank commentary.

US Dollar Pause Allows Majors to Stabilize Early in London

The US dollar pauses early in the London session, allowing major currencies to post fractional gains. Ethereum and Bitcoin lead the board, up 0.46% and 0.2% respectively, while EUR/USD and GBP/USD edge higher. Equities and energy lag, with the Nasdaq 100 down 0.55% and WTI Crude Oil dropping 0.55%.

German IFO Sentiment and ECB Rhetoric to Test Euro Resilience

EUR/USD trades at 1.1393, up 0.11% on the day, though the daily and H4 trends point downward. The 14-day daily RSI sits at 26.6, while the 5-day window reflects a 0.61% decline. The immediate pivot is located at 1.14001. A sustained break above this level could open the way toward R1 at 1.14309, while a move back below the pivot leaves the door open for a test of S1 at 1.13498.

Sterling Eyes Bank of England Speeches Amid Downside Pressures

GBP/USD mirrors this technical structure, trading at 1.32481 with a 0.09% gain on the day amid downward daily and H4 trends. The 5-day window shows a 0.97% drop. Buyers looking for an upside continuation would need to clear the pivot point at 1.32699 to target R1 at 1.33162. Conversely, a failure to hold near the pivot might see sellers drive price toward support at S1 at 1.31927.

Geopolitical Newsflow and US Yields

News coverage centers on geopolitical risks and interest rate expectations, with discussions of a prospective Trump-Xi meeting and Iran tensions, according to reporting from FX Street and ExchangeRates. As context for rate expectations, US Treasury yields closed on September 23 with the 2-year yield at 4.85%, up 14 basis points, and the 10-year yield at 5.11%.

Heavy Slate of Central Bank Speakers in the Session Ahead

The economic calendar carries a heavy slate of European data and central bank commentary. Today at 08:00 UTC, Germany releases its IFO metrics for Current Assessment, Business Climate, and Expectations. Following this, the ECB's Lane speaks at 09:00 UTC. The Bank of England schedule includes speeches from Breeden and Dhingra at 09:30 UTC, and Lombardelli at 14:00 UTC.

In the North American window, the Fed's Williams speaks at 08:10 UTC, followed by US Initial Jobless Claims and Canadian Retail Sales data at 12:30 UTC. Fed appearances continue with Hammack at 12:50 UTC and Paulson at 13:00 UTC.

Bottom Line

Major pairs test immediate pivot resistance as they attempt to consolidate intraday gains against overarching downward daily trends.