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Even though there are many financial centres in Europe, this session revolves around London, whose strategic location allows it to overlap with both the Asian and North America market hours. Typically, European hours run from 7 a.m. to 4 p.m. GMT. Because of the overlap with two other sessions, the London session enjoys the largest chunk of forex transactions, high liquidity, and potentially lower transaction costs. However, this also means that it is the most volatile session.