The London session (Europe open · the liquidity hour) · updated 2026-09-25 08:00 UTC.
Good morning. The dollar bid held through Asia — USD/JPY still carries the BULLISH LEANING tag at 157.482, EUR/USD (1.14691) and GBP/USD (1.33731) remain NEUTRAL — while the wires stayed on the stablecoin beat: the Fed's GENIUS Act framework, the CFTC's tokenized-asset guidance, and Tether taking USDT back to Bitcoin. Bitcoin is above $83K but softer on the short frames; gold stays BEARISH CLEAR.
London's calendar is light but not empty: euro-area M3 money supply and private loans (both low tier), BOE Governor Bailey speaking (high tier — expect GBP to twitch), and an FOMC member on the wires.
What to watch: USD/JPY's 157.28018 support is still the line — hold it and the lean has something to stand on, lose it and the H4 down structure gets a vote. That H1 Bollinger squeeze is still the tightest in 120 bars, and squeezes tend to resolve rather than fizzle. Gold's 4333.73 floor sits just beneath at 0.6 ATR, with 4359.91 overhead. And with the tilt gauge having flipped repeatedly on USD/JPY and gold in 24 hours, treat any single label change as noise, not a turn.
25 Sep 08:00 UTCEUR Low
25 Sep 08:00 UTCEUR Low
25 Sep 09:15 UTCGBP High
25 Sep 09:15 UTCUSD Low