In an interesting cycle, the European market participants begin their day just when their Asian counterparts are rounding off for the day.
London remains a major focus for market participants even though there are a good number of financial centers all around Europe.
It comes as no surprise that London is seen as the forex capital of the world as thousands of businessmen make transactions by the minutes. Besides, London has always been known as a major trade hub because of its strategic location.
About 30% of all forex transactions occur during the London session.
Below is a table of the London session pip ranges of the major currency pairs.
These pip values were derived based on the averages of past data. Take note that these are not constant values, and these values can change, depending on liquidity and other market conditions.
Also, the session range for EUR/CHF has not been included since the Swiss franc has been pegged to the euro at 1.2000 during the period.
Here are some facts you should know about the European session:
The large volume of transactions that occur during this session, gives room for so much liquidity so that almost any currency pair can be traded.
However, it is advised that you stick with the majors (EUR/USD, GBP/USD, USD/JPY, and USD/CHF), as these normally have the tightest spreads.
Also, it is these pairs are usually the most directly influenced by any news reports that come out during the European session.
You can also try your hands on the yen crosses (more specifically, EUR/JPY and GBP/JPY), they tend to be pretty volatile during this session. Note that the spreads might be a little wider because these are cross pairs.