RADEX MARKETS Editorial Team
The RADEX MARKETS editorial team consists of seasoned financial professionals and market observers. Dedicated to delivering objective market summaries, macroeconomic insights, and educational content, the team strives to keep traders well-informed in a fast-paced financial environment.
AZIONI
The forex market is open 24 hours a day from Monday to Friday, but it is not equally active throughout. For much of the day trading is thin, spreads are wider and prices move very little. If you have ever opened a trade late in the evening and watched it go nowhere while the spread ate into your stop, the time of day was probably part of the reason.
This guide sets out the most active hours in UK time, what a quiet hour costs in pips, the busiest window for each major pair, a worked example of one trade taken at two different hours, and the times when it is better to stay out.
The best time to trade currency pairs is the overlap between the London and New York sessions, from 13:00 to 17:00 UK time.
The overlap starts at 13:00.
Have your platform ready before it does.
Forex market sessions are the four blocks of the trading day, named after Sydney, Tokyo, London and New York, and each one is active during its own city's business hours. All times in this guide are UK local time on the 24-hour clock: GMT in winter and BST, one hour ahead of GMT, in summer. The table shows when each session runs and which currencies are most active in it.
| Session | UK time (winter, GMT) | UK time (summer, BST) | Most active currencies | Character |
|---|---|---|---|---|
| Sydney | 21:00 – 06:00 | 23:00 – 08:00 | AUD, NZD | Thin, first to react to weekend news |
| Tokyo | 00:00 – 09:00 | 01:00 – 10:00 | JPY, AUD, NZD | Steady, often range-bound |
| London | 08:00 – 17:00 | 08:00 – 17:00 | GBP, EUR, CHF | Deepest liquidity, trends often start here |
| New York | 13:00 – 22:00 | 13:00 – 22:00 | USD, CAD | Driven by US data, fades after London closes |
For a few weeks each spring and autumn, the UK and the US change their clocks on different dates, so some of these times shift by an hour.
Sydney is the smallest of the four sessions, and it is where the trading week begins. Banks in Australia and New Zealand are the main participants, so AUD and NZD pairs see most of the activity, and weekend news is priced in here first. For a UK trader it runs through the late evening and overnight.
Tokyo is the centre of yen trading, with Japanese banks and exporters and the wider Asian market setting the tone. JPY, AUD and NZD pairs are the most active, while EUR and GBP pairs tend to stay in narrow ranges because European markets are closed. In UK time it runs from around midnight to the early morning.
London is the largest forex centre in the world. The UK handled about 38% of global turnover in April 2025, in a market trading $9.6 trillion a day, according to the Bank for International Settlements Triennial Survey published in September 2025. With that much volume passing through, spreads on major pairs are usually at their tightest and the day's trends often start here. For a UK trader it is simply the working day, 08:00 to 17:00.
New York is the main session for the US dollar, driven by US banks, funds and companies. Its first four hours are the busiest because London is still open and most US data is released at 13:30. After London closes at 17:00, activity fades steadily into the evening.
Liquidity is a measure of how easily an asset can be bought or sold without significantly affecting its price. In forex, high liquidity shows up as tight spreads and orders that fill at the price you asked for.
Read more: What is liquidity in Forex and how is it measured
The best time to trade forex is when two sessions overlap. Two sets of banks and traders are active at once, which usually means tighter spreads and larger moves. There are three such windows, and they are the best times to trade forex:
Here is how the three compare.
| Overlap | UK time | Liquidity | Typical behaviour | Most active pairs |
|---|---|---|---|---|
| London – New York | 13:00 – 17:00 | Highest | Trends and breakouts, sharp moves on US data | EUR/USD, GBP/USD, USD/JPY |
| Tokyo – London | 08:00 – 09:00 (winter), 08:00 – 10:00 (summer) | Medium | Breaks out of the Asian range | GBP/JPY, EUR/JPY |
| Sydney – Tokyo | 00:00 – 06:00 (winter), 01:00 – 08:00 (summer) | Low to medium | Narrow ranges | AUD/USD, AUD/JPY, NZD/USD |
Europe and North America trade together for these four hours, so EUR/USD, GBP/USD and USD/JPY see their largest moves of the day. Most US data is released at 13:30, near the start of the window, which is why trends and breakouts are most common here. It suits day traders and news traders, provided the stop-loss allows for faster swings.
Asian traders hand over to Europe around the London open at 08:00. Yen crosses such as GBP/JPY and EUR/JPY often break out of their overnight range in this hour as London volume arrives. It suits traders who look for a break of the Asian range before the working day starts.
These are the busiest hours for AUD, NZD and JPY pairs, and they fall overnight in the UK. AUD/USD, AUD/JPY and NZD/USD do move, though usually modestly, while European pairs are largely flat. The window suits range traders and those who trade late at night more than anyone looking for a trend.
Volatility is the degree to which a price fluctuates over a given period. High volatility means more opportunity and more risk in the same hour.
The same trade costs more in a quiet hour, because the spread widens when fewer banks and brokers are quoting prices. Take an illustrative example: 0.10 lots of EUR/USD, worth $1 per pip, with a 20 pip stop-loss. Opened at 14:00 during the overlap, the spread might be 0.8 pips; opened at 22:05, just after the New York close, it might be 3 pips. These spreads are examples, and yours will depend on your broker and account type.
At 14:00: 0.8 pips × $1 = $0.80 per trade; 0.8 ÷ 20 = 4% of the stop; $0.80 × 40 trades = $32 a month
At 22:05: 3 pips × $1 = $3.00 per trade; 3 ÷ 20 = 15% of the stop; $3.00 × 40 trades = $120 a month
Side by side, the gap is easier to see.
| Entry time (UK) | Spread | Cost per trade | Share of 20 pip stop | Cost over 40 trades |
|---|---|---|---|---|
| 14:00, London – New York overlap | 0.8 pips | $0.80 | 4% | $32 |
| 22:05, after the New York close | 3 pips | $3.00 | 15% | $120 |
The difference is $88 a month on the same 40 trades, before any of them has won or lost. If evenings are the only time you can trade, keep to the 17:00 to 20:00 window, where USD pairs are still liquid, and stop before the spread widens around 22:00.
Read more: What Is Spread in Forex? Formula, Calculation & Examples
The spread is the difference between the bid (sell) price and the ask (buy) price of a currency pair. It is measured in pips, and the narrower it is, the less each trade costs.
A pip is the smallest standard price move in a currency pair, usually the fourth decimal place (0.0001). For pairs that include the yen it is the second decimal place (0.01).
Read more: What is a pip in forex trading? How to calculate and use it
The best time to trade currency pairs depends on the pair: each one is most active when the financial centres of both its currencies are open and when their economic data is released. Six pairs account for most of what UK retail traders deal in:
The table shows the most active window for each one, in UK time.
| Pair | Best window (UK time) | Reason | Key releases |
|---|---|---|---|
| EUR/USD | 13:00 – 17:00 | London and New York both open | US jobs and inflation data, ECB decisions |
| GBP/USD | 08:00 – 10:00 and 13:00 – 17:00 | London open, then the overlap | UK inflation and jobs data, Bank of England decisions, US data |
| USD/JPY | 13:00 – 17:00, and the Tokyo open | US session for the dollar, Tokyo for the yen | US data, Bank of Japan decisions |
| GBP/JPY | 08:00 – 10:00 and 13:00 – 17:00 | Tokyo close meets London open | UK data, Bank of England and Bank of Japan decisions |
| AUD/USD | Sydney – Tokyo overlap, and 13:00 – 17:00 | Australian hours for AUD, US hours for USD | Australian jobs data, Reserve Bank of Australia decisions, US data |
| EUR/GBP | 08:00 – 12:00 | Both currencies trade in European hours | UK and euro area data, central bank decisions |
Read more: What is a currency pair? Definition, types and examples for beginners
The best time to trade GBP/JPY from the UK is the London open from 08:00, when Tokyo is closing and London liquidity arrives. A second active period follows during the London and New York overlap. The pair moves more than most majors because it joins two currencies that react to different things: the pound to UK data and Bank of England decisions, the yen to Bank of Japan policy and to shifts in risk appetite. Its spread is wider and its swings are larger than those of GBP/USD, so it makes sense to trade it with a smaller position size.
The best time to trade AUD/USD is during the Sydney and Tokyo overlap, when Australian data is released. The monthly labour force figures from the Australian Bureau of Statistics come out at 11:30 in Canberra, which is 00:30 UK time for most of the winter and 02:30 for most of the summer, so the pair's home hours fall in the middle of the night for a UK trader. The practical alternative is 13:30 UK time, when US data moves the dollar side of the pair while you are awake.
For a trader based in the UK, the best time to trade forex is 13:00 to 17:00, with 08:00 to 10:00 as the second choice. UK traders are well placed because both windows fall inside the working day, and the main UK and US releases come out in or just before them. The scheduled releases below are what shape those windows from day to day.
| Release | UK time | Pairs that move most |
|---|---|---|
| UK inflation (CPI) | 07:00 | GBP/USD, EUR/GBP, GBP/JPY |
| UK labour market data | 07:00 | GBP/USD, EUR/GBP |
| Bank of England rate decision | 12:00 | GBP/USD, EUR/GBP, GBP/JPY |
| ECB rate decision | 13:15 | EUR/USD, EUR/GBP |
| US Non-Farm Payrolls | 13:30 | EUR/USD, GBP/USD, USD/JPY |
| US inflation (CPI) | 13:30 | EUR/USD, GBP/USD, USD/JPY |
| Federal Reserve rate decision | 19:00 | All USD pairs |
The dates for each release are published by the Office for National Statistics, the Bank of England, the European Central Bank, the US Bureau of Labor Statistics and the Federal Reserve. US releases arrive an hour earlier in UK time during the few weeks when the two countries' clocks are out of step.
Read more: Popular Trading Hours: What Time Does the Forex Market Open in the UK?
If you are fitting trading around a job, the best times to trade forex in the UK come down to three slots:
If you have not placed a trade yet, our guide on how to start trading forex covers the first steps.
Beginners usually find the London morning, from 08:00 to 12:00, the easiest window to learn in, because liquidity is good while the moves are less abrupt than in the overlap. Three habits help you get the most from it:
Read more: How to start trading forex: a step-by-step guide for beginners
The same trade idea can end differently depending on the hour it is taken. The example below uses illustrative prices, and neither outcome is a prediction.
GBP/USD has ranged between 1.3020 and 1.3050 through the morning. The plan is to buy a break above the range at 1.3055, with a stop-loss at 1.3030 and a take-profit at 1.3105, trading 0.20 lots worth $2 per pip.
Risk: 1.3055 − 1.3030 = 25 pips × $2 = $50
Reward: 1.3105 − 1.3055 = 50 pips × $2 = $100
Risk-to-reward ratio: $50 : $100 = 1:2
In scenario one, the entry triggers at 14:10 UK time, during the overlap, with a 1 pip spread that costs 1 × $2 = $2. US traders are arriving, volume follows the break and the price runs to 1.3105. The trade closes at the take-profit for a gain of $100.
In scenario two, the same entry triggers at 21:30 UK time with a 3 pip spread that costs 3 × $2 = $6. London closed hours ago, few traders join the move, and the price stalls just above the range before drifting back to 1.3030. The trade closes at the stop-loss for a loss of $50.
The spread also changes how much room the trade has. With a 1 pip spread the sell price sits at 1.3054 when you buy, 24 pips above the stop; with a 3 pip spread it sits at 1.3052, only 22 pips above it. The difference between the two outcomes is participation: a breakout needs other traders to follow it, and by 21:30 most of them have finished for the day.
Slippage is the difference between the price you request and the price at which your order is actually filled. It is most common in thin markets and around news releases, and it can work for or against you.
The clock alone does not decide the best hour. Four factors change how a session behaves from one day to the next.
Prices move sharply around major releases because traders reprice a currency within seconds when a figure differs from the forecast. A US jobs number well away from expectations can move EUR/USD by tens of pips in a few minutes. Just before a release, liquidity providers pull back and spreads widen, so entering ahead of the number costs more and risks a worse fill. Unscheduled events such as elections or geopolitical shocks have the same effect without the warning.
Read more: What Is Market Sentiment? Definition, Indicators and Strategies
Liquidity is how easily a pair can be bought or sold without moving its price, and volatility is how far the price travels in a given period. During overlaps the two rise together: plenty of orders and plenty of movement, the combination most strategies need. In quiet hours they come apart, with liquidity low and prices either flat or jumping on small orders.
Read more: Forex Volatility: Measuring and Trading Currency Pair Swings
The day matters as well as the hour, as this breakdown shows.
| Day | Typical conditions | Approach |
|---|---|---|
| Monday | Slow start, market absorbs weekend news | Wait for direction |
| Tuesday to Thursday | Most consistent volume and data flow | Main trading days |
| Friday | Active morning, positions closed before the weekend | Finish early |
The first Friday of the month is the usual date for US Non-Farm Payrolls, which makes that afternoon one of the most active of the month.
The Bank of England, the European Central Bank, the Federal Reserve and the Bank of Japan each set interest rates on a published schedule. Volatility rises before a decision as traders position for it, peaks when it is announced, and often continues through the press conference as the wording is digested. A decision that matches expectations can still move the market if the tone of the statement changes.
Knowing when to stay out matters as much as knowing when to trade. The five situations below are the ones to watch for:
Rollover is the point at which an open position is carried from one trading day to the next, around 22:00 UK time. A swap charge or credit is applied to positions held through it.
These five steps turn the hours above into a routine.
Pick one window that fits your working day and trade only that window for a month. For most UK traders that means the overlap from 13:00 to 17:00 or the London open.
Check an economic calendar each morning and mark the releases that fall inside your window. Decide in advance whether you will trade through them or step aside.
Match the method to the hour. Trend and breakout approaches fit the overlaps, while range approaches fit quiet sessions.
Size each position to the volatility of the session, with a smaller size when the moves are faster. Risk no more than 1 to 2% of the account on any trade.
Read more: 10 Forex risk management tips every trader should know
Record the entry time of every trade. After 20 trades, review the results by hour and drop the hours that lose.
Trading outside the most active hours changes the result of a trade even when the idea behind it is sound.
Fewer participants are quoting prices in quiet hours, so the spread widens. Each trade starts further from break-even. In the comparison above, the same EUR/USD trade cost 0.8 pips in the overlap and 3 pips after 22:00.
With fewer orders in the market, a stop-loss or a market order can be filled at a worse price than the one requested. The difference grows with position size, because a larger order needs more of the liquidity that is available.
A move needs participation to continue. A break of a range in a quiet session can stall and reverse, as the 21:30 scenario in the worked example shows.
Pairs whose home markets are closed move only a few pips an hour. The target becomes harder to reach while the cost of the trade stays the same or rises.
Trades held through the rollover around 22:00 UK time or over the weekend can reopen at a different price. A stop-loss cannot fully control that risk, because it is filled at the first price available after the gap.
The best time to trade forex in the UK is 13:00 to 17:00 UK time, when London and New York are both open. The second most active window is 08:00 to 10:00, around the London open.
Beginners usually do best in the London morning, from 08:00 to 12:00 UK time. Liquidity is good and the moves are less abrupt than in the overlap.
No hour is profitable in itself. The London and New York overlap has the most movement and the tightest spreads, which raises both opportunity and risk.
Tuesday to Thursday usually bring the most consistent activity. Monday starts slowly, and Friday afternoon thins out as traders close positions before the weekend.
It depends on the pair. After 22:00 UK time only the Asia-Pacific sessions are open, so the night suits yen and Australian dollar pairs and range approaches, while spreads on European pairs are wider.
August and late December are usually the hardest. Holiday periods reduce liquidity and make price action choppy.
This guide covered the four sessions, the three overlaps, what a quiet hour costs, the most active window for each pair, the UK schedule, one trade taken at two different hours, the times to avoid and what happens outside the best hours. The time of day is part of the trade, just as the entry and the stop are.
As a next step, choose one window, work out your spread cost per trade at that hour, keep the release times to hand and note the times you will not trade. Trading fewer hours in better conditions is usually more effective than trading more hours in poor ones.
The RADEX MARKETS editorial team consists of seasoned financial professionals and market observers. Dedicated to delivering objective market summaries, macroeconomic insights, and educational content, the team strives to keep traders well-informed in a fast-paced financial environment.
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