Going to the London trading session is the best day for forex traders. Water is much high, along with the distribution, which is small. At the same time, the numbers are high, and opportunities are constantly evolving.
However, if you look at bad currency pairs, you will find that there are small amounts, consolidations, and pairs that have no respect for price action. That’s why choosing forex pairs play a major role. So what kind of forex pairs should you trade in a London session?
When does the London forex session begin?
The London forex session generally starts at 07:00 UK time. There will also be a pre-London rush, which will occur at 06:00 British time.
In the first hours, from 7:00 to 22:00, there is a huge surge in volume as the hours begin and the coins begin to fly.
The sitting closed at 4 pm in London. At this time of day, most of the good business opportunities for the day are ready, and there are not many tools available in the markets. For intraday traders, this is the best time to liquidate and thus complete the cash for the whole day.
Why is the London session so volatile?
Due to many transactions taking place each day, the London trading session is considered the fastest session. Most of the trends start with the London session and will stay till the beginning of the New York session.
Sometimes, it might happen that the trends will reverse themselves at the end of the London Session.
Which forex pairs can you trade during a London session?
During the London session, GBP and EUR are the best pairs you should consider for trading. Rests of the pairs are:
You can even trade with some USD pairs in which we have USD/CAD, USD/JPY, XAU/USD, and AUD/USD. This needs to be done in the last four hours of the trading sessions. It would be best to avoid the pairs of NZD and AUD.
This is because the number may be lower, so the spread may be higher; the chances are harder to find.
Therefore, it causes the market to move more slowly, which causes consolidation and unpredictable price action.
In the last couple of hours of London sessions, New York markets are fully opened, and during this time, trading with USD pairs is the best choice.
Is the London session worth trading?
The London session is very valuable in trading, and the most profitable forex traders hold positions in this session. The volume was high, with lots of purchases and sales.
This means that your spreads will be smaller, and there will be less consolidation and more “cleaner” profit opportunities.
Finally, the best forex pairs for sale during the London session are GBP and EUR pairs, as they have the lowest spreads and the highest volumes. They will include GBPUSD, EURUSD, or EURGBP, GBPCHF, EURCHF, and many more. The addition of USD pairs will also be available in the last few hours of the session, as US markets are already open.