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Talking Points:

• As expected, UK CPI and Fed Chair Yellen's Testimony proved the most market-moving event risk

• Yet, bullish outcomes for both woudl prevent GBPUSD from sparking a trend and clearing 1.7200

• This pair is still in the crosshairs as Yellen testimony day 2 approaches and UK jobs are on top

See volume behind the majors during the NFPs and ECB rate decision to gauge your trading approach using the free FXCM Real Volume and Transactions indicators.

Major event risk can stir volatility with a significant enough surprise. That was what happened for GBPUSD between Fed Chairwoman Janet Yellen's testimony and the UK inflation figures. The problem with this wave of event risk was that their respective outcomes would curb trend in both directions for the specific pair. Moving forward, there are plenty of opportunities presenting themselves for the pound-crosses (particularly EURGBP and GBPCAD) and the majors (EURUSD and USDJPY); but GBPUSD remains the center of potential. Meanwhile, risk bearings are starting to percolate and the room to run is substantial. We discuss GBPUSD and more in today's Trading Video.

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