Sterling's losing streak deepens as GBP/USD breaks below key support

The British Pound has entered another phase of weakness, with GBP/USD slipping approximately 0.67% on Wednesday and touching lows around the 1.3060 handle. At current exchange rates, 8 GBP to USD converts to roughly 10.45, reflecting the ongoing bearish momentum in the cable pair.

**UK inflation data fails to reignite Sterling demand**

Wednesday's Consumer Price Index release from the UK did little to arrest the Pound's downward trajectory. Instead of providing a catalyst for recovery, the CPI figures allowed sellers to press their advantage, resulting in Cable posting its fourth consecutive session of losses. Traders had hoped the inflation data would inject fresh bid support into Sterling, but market reaction proved underwhelming, pushing Sterling to multi-week lows.

**October NFP delay shifts market focus**

The backdrop for Cable weakness extends beyond domestic UK factors. The US Bureau of Labor Statistics confirmed that October's Nonfarm Payrolls data will not be released as scheduled, citing insufficient data collection during the recent federal government shutdown. This administrative gap leaves traders waiting until Thursday for September's employment figures—a backdated release unlikely to generate meaningful market movement at this juncture.

**Fed rate cut odds tumble on data drought**

With the October jobs report sidelined, derivative markets are already repricing Fed expectations. According to the CME FedWatch Tool, probability odds for a December 10 interest rate cut have retreated to approximately 30%, a significant pullback from earlier forecasts. The data vacuum created by the October shutdown will likely leave Federal Reserve policymakers without fresh economic reads until 2025, weighing on near-term policy clarity and keeping GBP/USD under pressure.

**What traders should watch**

The near-term direction for the Pound hinges on sentiment around Fed policy timing and any surprise economic signals from Thursday's September employment report. Cable's consistent lower closes suggest momentum remains decidedly bearish, with multi-week support levels now firmly in the crosshairs of further selling pressure.