Forex Market Update: London Session, Dollar Mixed

Session brief Neutral bias Oct 29, 2026, 08:09 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

Gold, bitcoin and ethereum are the weakest markets on the day, and the dollar is mixed across the majors. EUR/USD at 1.11475 holds just above its pivot, with eurozone surveys at 10:00 UTC and US GDP and core PCE at 12:30 UTC.

London session snapshot

London is underway at 08:03 UTC, with commodities and crypto lower on the day and the major currency pairs little changed. Ethereum shows the largest decline, down 2.01% on the day, with bitcoin down 1.8%, gold down 0.93% and the Nasdaq 100 down 0.44%. AUD/USD is down 0.1%, EUR/USD is down 0.04%, and both USD/JPY and USD/CAD are down 0.02%. GBP/USD is the sole gainer, up 0.02% on the day. These changes are measured from the previous close across the full trading day. New York joins at 12:00 UTC.

The dollar does not point the same way on every pair, so the overall lean is neutral. Daily and four-hour trends are both down on EUR/USD, gold, ethereum and the Nasdaq 100. They are both up on WTI crude, which is still down 0.1% on the day. GBP/USD is mixed on both timeframes. USD/JPY and AUD/USD are mixed on the daily chart and up on the four-hour chart, USD/CAD is mixed on the daily chart and down on the four-hour chart, and bitcoin is mixed on the daily chart and down on the four-hour chart. That split shows up on the currency strength meter.

Over five days, ethereum is down 3.12%, gold is down 2.69%, bitcoin is down 1.96% and the Nasdaq 100 is down 1.31%, while WTI crude is up 3.85% and AUD/USD is up 0.26%.

Treasury yields are context from the prior close, not a demonstrated cause of this morning's prices. At the close on October 28 the two-year yield was 4.67%, down 3 basis points versus October 27, the ten-year yield was 5.05%, up 6 basis points, the three-month yield was 4.18%, and the spread between the two-year and the ten-year was 38 basis points.

Pivot levels on gold, crypto and Europe

Gold last printed 4029.51, below S1 at 4033.75 and beyond the bottom of the pivot ladder. The daily pivot at 4058.17 and R1 at 4091.69 sit above price, as does S1, so all three are overhead. The day high is 4068.75 and the day low is 4022.03. Daily RSI is 41.5 and ATR is 72.77 dollars. A recovery through S1 at 4033.75 would bring the daily pivot at 4058.17 back into range. A print under the day low at 4022.03 would leave that reclaim behind, with R1 at 4091.69 still far above the last price.

Ethereum, down 2.01% on the day, last sits at 2310.03, below S1 at 2320.68. The daily pivot is 2355.13 and R1 is 2391.35. Daily and four-hour trends are both down, daily RSI is 39 and ATR is 87.44 dollars. The day high is 2357.64 and the day low is 2294.88. A move back above S1 at 2320.68 would open the way toward the pivot at 2355.13. A move under the day low at 2294.88 would keep ethereum outside the ladder.

EUR/USD last at 1.11475 is between the daily pivot at 1.11443 and R1 at 1.11763, and S1 is at 1.112. Both the daily and four-hour trends are down, daily RSI is 35.5, the day high is 1.11602, the day low is 1.11303 and ATR is 59.6 pips. A break above R1 at 1.11763 would take the pair out of the slot above the pivot. A return below the daily pivot at 1.11443 would invalidate that hold, with S1 at 1.112 the support underneath. Those levels follow standard pivot points.

GBP/USD last at 1.33277 is between the daily pivot at 1.33113 and R1 at 1.33511, with S1 at 1.32851 below. Trends are mixed on both timeframes, daily RSI is 50.1, the day high is 1.33352, the day low is 1.33017 and ATR is 68 pips. Clearing R1 at 1.33511 would be a different outcome from a relapse under the pivot at 1.33113, which would invalidate the hold above it and put S1 at 1.32851 back underneath.

Newsflow and today's calendar

Forecast notes this morning run across the dollar, the euro and sterling at FXEmpire and FX Street, while FX Street also covers gold and the Australian dollar and Action Forex covers sterling.

Today's economic calendar starts with eurozone surveys at 10:00 UTC, still in the London session. Consumer confidence is medium impact, previous -17.9 and estimate -17.9. The economic sentiment indicator is medium impact, previous 97.9 and estimate 97.5. Business climate is medium impact, previous -0.06, with no estimate published.

At 12:30 UTC, after New York joins at 12:00 UTC, four US releases are high impact. GDP annualized is previous 2.2 and estimate 3.2. The GDP price index is previous 6.1 and estimate 3.5. Core PCE for the month is previous 0.2 and estimate 0.3. Core PCE for the year is previous 3 and estimate 3.1. The same 12:30 UTC slot also lists medium-impact personal income, previous 0.2 and estimate 0.3, personal spending, previous 0.9 and estimate 0.6, headline PCE for the year, previous 3.4 and estimate 3.6, headline PCE for the month, previous 0.3 and estimate 0.5, quarterly PCE prices, previous 5 and estimate 3.4, quarterly core PCE, previous 3.3 and estimate 2.4, and initial jobless claims, previous 194 and estimate 199.

Bottom line

The London session leaves the dollar neutral. Gold at 4029.51 and ethereum at 2310.03 are both beyond the bottom of their pivot ladders, while EUR/USD at 1.11475 and GBP/USD at 1.33277 still sit between their daily pivots and R1. WTI at 101.2 is the market with daily and four-hour trends pointing up. Eurozone surveys at 10:00 UTC come next, New York joins at 12:00 UTC, and the US GDP and core PCE batch is set for 12:30 UTC.