Trading high impact news event within a 4-minute (inclusive of the seconds after) window will result in a soft breach of the account. This means no trades can be executed (opened, closed, stop loss or take profit) 2 minutes before news and 2:59 minutes/seconds after scheduled RED news is released.
A soft breach will result in the profits associated with that specific trade being removed from the account equity/balance. You will still be able to trade the account after as this is not a Hard Breach. Soft breaches allow you to keep your account.
See News Trading article for more information on specific prohibited news events.