Why is Gold experiencing a sharp selloff today?

Reports from FXEmpire and FX Street suggest that deepening expectations for a Federal Reserve interest rate hike are putting downward pressure on precious metals, pushing Gold down 2.96% on the day to 4158.21.

How is the US Dollar performing against major currencies in the London session?

The US Dollar shows strength against several majors, with USD/CAD up 0.12% to 1.41569 and USD/JPY up 0.11% to 157.437. However, the GBP/USD remains relatively steady, up 0.03% to 1.32485.

What impact could BoE's Ramsden speech have on GBP/USD today?

The speech by Bank of England Deputy Governor Ramsden is scheduled for today at 10:00 UTC and could introduce volatility for GBP/USD, which is currently trading at 1.32485 under a downward daily trend.

Forex Market Update London Session: Gold Plunges and USD Firm

Session brief Neutral bias Sep 28, 2026, 07:32 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

A risk-off tone dominates the London session as a deepening metals selloff pressures major pairs, leaving GBP/USD to fight for stability.

Instrument	Last	Day change	Pivot	Daily trend
EUR/USD	1.13754	-0.13%	1.13892	Down
Gold (XAU/USD)	4,158.21	-2.96%	4,285.07	Mixed
GBP/USD	1.32485	+0.03%	1.32383	Down
Bitcoin (BTC/USD)	82,930.99	-1.88%	84,552.97	Up
USD/JPY	157.437	+0.11%	157.691	Mixed
AUD/USD	0.70130	-0.12%	0.70221	Mixed
USD/CAD	1.41569	+0.12%	1.41394	Up
Ethereum (ETH/USD)	2,643.62	-1.64%	2,693.51	Up
Nasdaq 100 (US100)	30,307.5	-1.08%	30,585.4	Up
WTI Crude Oil (XTI/USD)	92.718	+1.32%	91.937	Up
Data as of 2026-09-28 07:30 UTC.

London Market Performance Overview

A risk-off tone is sweeping through the market during the London session, characterized by a sharp decline in commodities and digital assets while the US Dollar maintains its footing. WTI Crude Oil (XTI/USD) leads the gainers, up 1.32% on the day, followed by USD/CAD which has risen 0.12% and USD/JPY up 0.11%. Conversely, Gold (XAU/USD) is the weakest performer among the tracked instruments, down 2.96% on the day, while Bitcoin (BTC/USD) has fallen 1.88% and Ethereum (ETH/USD) has decreased 1.64%.

Instrument	Last	Change %	Daily Trend
EUR/USD	1.13754	-0.13%	down
GBP/USD	1.32485	+0.03%	down
USD/JPY	157.437	+0.11%	mixed
USD/CAD	1.41569	+0.12%	up
AUD/USD	0.7013	-0.12%	mixed
Gold (XAU/USD)	4158.21	-2.96%	mixed
WTI Crude Oil (XTI/USD)	92.718	+1.32%	up
Bitcoin (BTC/USD)	82930.99	-1.88%	up
Ethereum (ETH/USD)	2643.62	-1.64%	up
Nasdaq 100 (US100)	30307.5	-1.08%	up

Deepening Rate Hike Bets Support US Dollar

Market commentary suggests that shifting central bank expectations are driving the latest moves. According to analyses published by FX Street and FXEmpire, expectations of tighter monetary policy from the Federal Reserve have intensified pressure on precious metals, contributing to a notable decline in Gold and Silver. Meanwhile, reports from ExchangeRates and MUFG highlight overall US Dollar strength, leaving major currency pairs like GBP/USD and EUR/USD under pressure.

Providing broader macro context, US Treasury yields at the close on September 25, 2026, saw the 2-year yield at 4.81% and the 10-year yield at 5.17%, representing a 2s10s curve spread of 36 basis points. The 3-month yield stood at 4.24%.

Key Technical Setups and Pivot Levels

GBP/USD

For GBP/USD, the daily and H4 trends are both pointing down, though the pair has ticked up 0.03% on the day to trade at 1.32485. The current price sits just above the daily pivot at 1.32383. If buyers can sustain this position above the daily pivot, it opens the path toward the first resistance level R1 at 1.32686. Conversely, a drop back below the daily pivot at 1.32383 would shift focus to the first support level S1 at 1.32137. Volatility remains moderate, with the 14-day Average True Range (ATR) currently at 62.7 pips. Traders mapping out these zones can utilize our pivot point calculator to identify intraday key levels.

EUR/USD

EUR/USD is trading at 1.13754, reflecting a decrease of 0.13% on the day under a consistent downward trend on both the daily and H4 timeframes. The price is currently trading below the daily pivot at 1.13892. A continuation of this bearish momentum points directly to the first support level S1 at 1.13681, which sits near the day low of 1.13704. In contrast, any intraday bounce that clears the daily pivot at 1.13892 would turn attention to the first resistance level R1 at 1.14109. The pair has a 14-day ATR of 48.5 pips. Over the last 5 days, EUR/USD has declined 0.96%.

Gold (XAU/USD)

Gold (XAU/USD) is currently trading at 4158.21 after falling 2.96% on the day. The daily trend is mixed while the H4 trend is down, with the price currently trading significantly below the daily pivot of 4285.07 and the first support level S1 at 4254.49. To reclaim a neutral short-term stance, buyers would need to drive the price back above the S1 support level at 4254.49 to target the daily pivot at 4285.07. If selling pressure persists below the day low of 4156.38, the downward move remains unchecked. Gold's 14-day ATR is 92.6 dollars. Over the last 5 days, Gold has declined 5.03%.

BoE Ramsden Speech and Session Outlook

Looking ahead, the macroeconomic agenda for today is highlighted by the speech from Bank of England Deputy Governor Ramsden, scheduled for today at 10:00 UTC. This event could introduce fresh volatility for Sterling pairs, particularly given that GBP/USD has dropped 1.08% over the last 5 days. You can track this scheduled release and future events using our economic calendar.

Because the daily trends across major USD pairs are conflicting—with EUR/USD trending down daily while USD/CAD and USD/JPY show upward or mixed daily configurations—our overall bias for this session remains neutral. Traders should monitor the daily pivots closely for signs of trend continuation or short-term reversal.