Liquidity Term Structure

GBP/USD

Hourly liquidity profile

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• In the recent market conditions, the average liquidity for GBP/USD is highest around London close and New York open. This is different to pre-COVID market conditions when the highest average liquidity is observed around Tokyo close and London open.
• Liquidity in GBP/USD drops off sharply between 20:00 and 21:00 GMT (going into New York close) in the recent market conditions, relative to pre-COVID market conditions.
• Liquidity in GBP/USD also drops off sharply between 3:00 and 4:00 GMT (going into Sydney close) in the recent market conditions, relative to pre-COVID market conditions.