As we suggested at the beginning of the week, the decline in GBP/USD continued. The recent local minimum was overcome. The market fall is taking place against the background of the strengthening of the US dollar and the emergence of data on the sharp cooling of the UK labor market. In addition, on Wednesday, the UK Ministry of Finance reminded about the need to comply with the fiscal rules of the government. Rising borrowing costs are creating additional challenges for Finance Minister Rachel Reeves. She is set to issue hundreds of billions of pounds worth of bonds this year to fund public services and investment in economic growth, while sticking to the government's debt and spending limits.