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GBP/USD caught a fresh round of bearish pressure on Wednesday, falling around two-thirds of one percent into the 1.3060 region. UK Consumer Price Index (CPI) inflation data released on Wednesday failed to spark an extended recovery in Pound Sterling (GBP) flows, instead sending Cable bids into multi-week lows and chalking in a fourth consecutive down session. The US Bureau of Labor Statistics has pre-emptively canceled the release of October’s Nonfarm Payrolls (NFP) report, citing a lack of data collection through the federal government shutdown. Rate markets are already recoiling, pricing down the odds of a December cut. According to the CME’s FedWatch Tool, the odds of a Federal Reserve (Fed) interest rate cut on December 10 have fallen to around 30%. September’s NFP jobs report will be published on Thursday. However, the report is already unlikely to drive much market attention now that an October lull will leave policymakers in a data lurch until the new year. GBP/USD daily chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its…