Forex Market Update: London Session Pauses Before US Data

Session brief Neutral bias Sep 25, 2026, 07:39 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Major currency pairs trade in narrow ranges during the London session, with EUR/USD and GBP/USD consolidating while USD/JPY leads early losses ahead of highly anticipated US economic reports.

London Session Market Performance

During the London session, currency markets exhibit quiet, range-bound behavior as participants prepare for upcoming economic releases from the United States. WTI Crude Oil (XTI/USD) is the day's primary laggard, declining 1.52% to trade at 92.548, while the Japanese Yen displays relative strength, pushing USD/JPY down 0.48% to 158.074. Conversely, the Nasdaq 100 (US100) leads early advances, rising 0.47% to 30581.7. To monitor real-time relative performance across key currency pairs, traders can consult our live currency strength meter.

Technical Analysis of Key Currency Pairs

EUR/USD is currently trading at 1.1383, with both daily and H4 trends pointing downward. The pair is hovering close to its pivot level of 1.13787. Under our conditional outlook, a sustained break below the day low of 1.13675 would open the way to test S1 support at 1.1359, whereas a move back above the pivot would invalidate this bearish bias and focus attention on R1 resistance at 1.13989. Over the last 5 days, EUR/USD has declined 0.8%, with a 14-day average true range of 48.9 pips. More information on utilizing key levels is available in our guide on how pivot points work.

GBP/USD has softened slightly to 1.32236, trading just below its pivot of 1.32256. The daily and H4 trends are aligned to the downside. If sellers retain control, a drop below the pivot would likely target S1 support at 1.31958, near the day low of 1.3208. Conversely, a push above the pivot would suggest a short-term recovery, targeting the R1 resistance level at 1.32475. Over the past 5 days, the pair has lost 1% of its value.

USD/JPY is trading at 158.074, showing a mixed daily trend but a bullish H4 posture. The pair is trading well below its pivot of 158.542 and is currently sitting directly on the S1 support level of 158.07. If bearish momentum carries the price below S1 and yesterday's intraday extremes, the path toward the day low of 157.93 could become active. However, a reversal above the pivot would negate the immediate downward bias and shift the focus to R1 resistance at 159.308.

Market Themes and US Yields Context

The broader narrative today centers on technical divergence and upcoming central bank policies. According to analyses published by FX Street, the Euro is experiencing volatility divergence against the US Dollar, while GBP/USD remains technically soft below key daily moving averages. Additionally, wave structures highlighted by Action Forex point to consolidative phases in AUD/USD and USD/JPY. For context, US Treasury yields at the close on September 24, 2026, showed the 2-year yield at 4.87% (up 2 basis points) and the 10-year yield at 5.18% (up 7 basis points), with the 3-month yield at 4.24%. Continuous coverage of these themes can be found on our market analysis page.

Key Economic Calendar Events Today

Today's economic schedule features several mid-impact events that could shift market volatility. At 09:15 UTC today, Federal Reserve member Williams is scheduled to speak, followed later by a speech from Fed member Hammack and ECB member Vujčić, both at 18:00 UTC today. To prepare for these events, traders can refer to our guide on using an economic calendar.

The major macroeconomic focal point is the US Durable Goods Orders data release at 12:30 UTC today. The main Durable Goods Orders reading carries an estimate of -0.4, compared to the previous release of 1.1. In tandem, the Durable Goods Orders ex Transportation is estimated at 0.6 (previous 0.4), and Nondefense Capital Goods Orders ex Aircraft is expected at 0.5 (previous 0.2).

Additionally, at 14:00 UTC today, the University of Michigan will release its Consumer Sentiment Index, estimated at 47.6 compared to the prior 47.8, alongside 1-year Consumer Inflation Expectations (expected at 4.6%) and 5-year Consumer Inflation Expectations (expected at 3.4%).