Liquidity Term Structure

GBP/USD

Hourly liquidity profile

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.
The difference in the liquidity scores could have been affected by a significant increase in market impact between 21:00 and 22:00 GMT. The model factors are explained on the methodology page.
In the recent period, the liquidity has generally improved, relative to the COVID peak period.