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GBP/USD reverses course from yesterday's best levels since late June, as markets consolidate ahead of Friday's crucial US employment report for November. In spite of this, the intraday low for the Cable pair is approaching 1.2230 as of press time.

In addition to pre-NFP worry, the quote's recent downturn could be attributed to the market's moderately pessimistic attitude and weaker UK statistics.

S&P 500 Futures fall 0.30 percent intraday to 4,070, reflecting market sentiment, as US 10-year Treasury yields rebound from a 10-week low to 3.53% as of press time.

Concerns about the decline of the Initial Public Offering (IPO) markets may be responsible. "A global slowdown in initial public offerings owing to increased market volatility and a regulatory cloud over fresh listings from China has produced pent-up demand that could lead to an IPO boom in 2023," according to industry experts speaking at the Reuters NEXT conference.

The Business Times of Singapore reported that the United Kingdom's house prices fell 1.4% in November, which was worse than the 0.4% predicted decline. In contrast, record-high fresh food inflation and an improvement in the UK's final S&P Global/CIPS Manufacturing PMI numbers for November appear to challenge GBP/USD bears.

On the same line are the Bank of England's (BOE) hawkish expectations and the Federal Reserve's (Fed) recent dovish forecasts for its next move. Additionally, disappointing US inflation and economic activity data weigh on the US Dollar and keep the GBP/USD bulls optimistic.

Moving forward, the November US jobs report will be critical for GBP/USD buyers in light of forecasts of negative data and fears of further Greenback losses. Consequently, the headline Nonfarm Payrolls (NFP) is projected to decrease to 200K from 261K previously, while the unemployment rate may remain steady at 3.7%. It should be noted that a probable decrease in Average Hourly Earnings for the month in question could potentially weigh on the DXY.

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