Average Hourly Range, Pair by Pair
https://fxabsolute.com/stats/GBPUSD.json.
Nine pairs
| Pair | Mean hour | Peak hour | At (UTC) | Trough | Ratio |
|---|---|---|---|---|---|
| GBP/JPY | 29.9 | 44.5 | 14:00–15:00 UTC | 18.6 | 2.4× |
| EUR/JPY | 23.3 | 34.2 | 14:00–15:00 UTC | 14.3 | 2.4× |
| USD/JPY | 21.7 | 33.6 | 13:00–14:00 UTC | 11.9 | 2.8× |
| GBP/USD | 18.2 | 30.8 | 14:00–15:00 UTC | 10 | 3.1× |
| USD/CAD | 15 | 28.4 | 14:00–15:00 UTC | 8 | 3.6× |
| EUR/USD | 14 | 24.5 | 14:00–15:00 UTC | 6.9 | 3.6× |
| AUD/USD | 12.6 | 20.3 | 14:00–15:00 UTC | 7.6 | 2.7× |
| AUD/CAD | 12.8 | 19.8 | 14:00–15:00 UTC | 9.5 | 2.1× |
| EUR/GBP | 8.7 | 13.7 | 14:00–15:00 UTC | 4.3 | 3.2× |
The ratio column is the useful one. Every pair moves between two and three times as far in its best hour as its worst, so an "average hourly range" quoted as a single number describes almost none of the day accurately.
Why the mean hour misleads
Twenty-four hours averaged together includes the 10-pip hours nobody trades. A strategy running only in the London and New York hours is working with roughly 25.3 pips an hour, not 18.2 — and one running overnight has considerably less than the mean suggests.
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Questions
What is the average hourly range of GBP/USD?
18.2 pips averaged across all 24 hours, but that conceals the shape: 30.8 pips in the 14:00–15:00 UTC hour against 10 in the quietest.
Which pair moves most per hour?
Of those measured, GBP/JPY at its peak hour — 44.5 pips in the 14:00–15:00 UTC window.
Why is the average hourly range misleading?
Because it averages the hours nobody trades in with the hours everybody does. Every pair measured moves two to three times as far in its best hour as its worst.