London Session Forex Market Update: Majors Split, Oil Soft

Session brief Neutral bias Oct 26, 2026, 07:50 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Early London leaves the dollar without a shared lean: EUR/USD is nearly flat under its pivot, sterling sits on S1, and WTI is down 1.79% with an up daily trend. German IFO is due today at 09:00 UTC.

London opens on a split board

London is in session at 07:46 UTC, and the percentage changes do not line up behind one currency. WTI crude is the laggard, down 1.79% at 100.884. Gold is the strongest print in this set, up 0.28% at 4008.83.

USD/JPY is up 0.21% and USD/CAD is up 0.15%, while GBP/USD is down 0.16% and AUD/USD is down 0.13%. EUR/USD is up 0.01%. Bitcoin is down 0.4%, Ethereum is down 0.37%, and the Nasdaq 100 is down 0.19%.

The dollar does not get a single lean from that mix, so the session bias stays neutral. EUR/USD is down on the daily trend and down on the four-hour trend, which leans with the dollar on that pair alone. USD/JPY is also down on both the daily and the four-hour trend, even with the pair higher on the day, so the yen side points the other way. GBP/USD is mixed on both timeframes.

AUD/USD is mixed on the daily trend with an up four-hour trend. USD/CAD is mixed on the daily trend with a down four-hour trend. New York joins at 12:00 UTC and has not opened.

Session table and the five-day window

The five-day window is a separate picture from today's change. Gold is down 3.73% over five days, Ethereum is down 5.23%, and Bitcoin is down 3.27%. WTI is up 1.93% over five days.

AUD/USD is up 1.17% over five days, and GBP/USD is up 0.21% over five days. EUR/USD is down 0.31% over five days, USD/JPY is down 0.51%, USD/CAD is down 0.8%, and the Nasdaq 100 is down 0.84%.

Levels on EUR/USD, sterling and crude

EUR/USD at 1.12033 sits between S1 at 1.11822 and the daily pivot at 1.1204, with R1 at 1.12242. The day high is 1.12259 and the day low is 1.12015. Daily RSI is 37.7 and ATR is 60.6 pips, the reading in ATR and volatility, and both the daily trend and the four-hour trend are down.

A break above the daily pivot at 1.1204 would open the way toward R1 at 1.12242. A move under S1 at 1.11822 would leave that path behind and keep the pair under the pivot band. The first resistance and first support around that pivot are set out in the guide to how pivot points work.

GBP/USD last is 1.33553, so the pair is at S1 at 1.33553. The daily pivot is 1.33811 and R1 is 1.34019. The day low is 1.33506 and the day high is 1.33867. Daily RSI is 55.6 and ATR is 70.6 pips, with a mixed daily trend and a mixed four-hour trend.

A recovery through the daily pivot at 1.33811 would bring R1 at 1.34019 into range. A push under S1 at 1.33553 would place the pair below that support.

WTI at 100.884 sits between S1 at 99.651 and the daily pivot at 101.507, and R1 is 104.578. The day high is 101.735 and the day low is 100.046. The daily trend is up and the four-hour trend is up, RSI is 69.4, and ATR is 3.85 dollars, while the day change is still down 1.79%.

Clearing the daily pivot at 101.507 would open a path toward R1 at 104.578 alongside those uptrends. A break under S1 at 99.651 would cut against that uptrend frame.

USD/CAD at 1.40238 sits between the daily pivot at 1.39959 and R1 at 1.40242, with S1 at 1.39741. The day high is 1.40418 and the day low is 1.39974. RSI is 37.6 and ATR is 62.3 pips, the daily trend is mixed and the four-hour trend is down. A break above R1 at 1.40242 would carry USD/CAD past that first resistance, while a move below the pivot at 1.39959 would knock out that idea.

USD/JPY at 157.163 sits between the pivot at 156.678 and R1 at 157.299, with S1 at 156.217, a day high of 157.199 and a day low of 156.63. RSI is 41.6 and ATR is 99.2 pips, with both trends down. A break above R1 at 157.299 would run counter to those downtrends, and a move below the pivot at 156.678 would put price on the support side of that pivot.

Gold at 4008.83 is between the daily pivot at 4002.46 and R1 at 4029.31, with S1 at 3970.93, a day high of 4019.29 and a day low of 3978.09. Both trends are down and RSI is 33.4, with ATR at 75.41 dollars, against a day change of up 0.28%.

Newsflow, yields and today's IFO

Copy from FXEmpire, FX Street and ExchangeRates is gathered around Federal Reserve policy, with the pound and gold pulled into that conversation and the major pairs described as contained. That is what the coverage is discussing, and it does not establish a cause for where prices sit.

Treasury yields are the October 23 close, versus October 22, and they stay context only. The two-year yield was 4.69%, up 4 basis points, the ten-year yield was 5%, up 4 basis points, the three-month yield was 4.22%, and the two-year to ten-year spread was 31 basis points.

Today at 09:00 UTC, Germany has three medium-impact IFO figures for the euro. IFO expectations shows a previous reading of 90.4 and no estimate. IFO business climate shows a previous reading of 89.9 and an estimate of 89.8. IFO current assessment shows a previous reading of 89.5 and no estimate.

None of the three has an actual. The cluster is the euro item on the London clock before New York joins at 12:00 UTC, as framed in the guide to using an economic calendar.

Bottom line

This London session forex market update stays neutral on the dollar. EUR/USD is soft on both trends just under the pivot at 1.1204, GBP/USD is mixed and at S1 at 1.33553, and USD/JPY is higher on the day with both trends down. WTI, down 1.79%, is the soft outlier while its daily and four-hour trends remain up and the pivot at 101.507 is still above price. The IFO set is due today at 09:00 UTC, with New York not on the clock until 12:00 UTC.