GBP/USD Slides as UK Jobs Data Misses, BoE December Cut Odds Rise

GBP/USD declined 0.2% to 1.2845 following disappointing UK employment data that missed expectations across all key metrics. The UK unemployment rate rose to 4.3% from 4.2%, while wage growth decelerated more than anticipated, with regular pay excluding bonuses increasing just 4.8% year-over-year versus 5.1% expected. The weak labor market report has increased probability of a December Bank of England rate cut, though the central bank remains primarily focused on inflation dynamics and the upcoming Autumn Budget. Sterling's losses were limited as markets await Wednesday's UK CPI data for clearer monetary policy direction. Technical analysis shows immediate support at 1.2830 (daily pivot), with resistance at 1.2885 (50-day moving average). The German ZEW sentiment survey later today is unlikely to significantly impact euro crosses given limited implications for ECB policy decisions.