• GBP/USD attracts fresh sellers on Wednesday and is pressured by a combination of factors.
• The GBP continues to be weighed down by BoE Governor Bailey’s dovish remarks last week.
• Reduced bets for a jumbo Fed rate cut underpin the USD and contribute to the pair’s slide. 

The GBP/USD pair struggles to capitalize on the previous day's modest recovery gains and meets with a fresh supply during the Asian session on Wednesday. Spot prices currently trade around the 1.3085-1.3080 area and remain within the striking distance of a nearly four-week low touched on Monday.

The British Pound (GBP) continues with its relative underperformance in the wake of market conviction that the Bank of England (BoE) might be heading towards speeding up its rate-cutting cycle. The bets were lifted by BoE Governor Andrew Bailey's dovish remarks last week, saying that there was a chance that the central bank could become a bit more aggressive in cutting rates if there's further good news on inflation. This, in turn, is seen as a key factor exerting downward pressure on the GBP/USD pair. 

The US Dollar (USD), on the other hand, stands tall near a seven-week high touched last week amid diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). In fact, the markets are currently pricing in over an 85% chance that the Fed will lower borrowing costs by 25 basis points (bps) in November. Moreover, escalating geopolitical tensions in the Middle East and the disappointment over China's stimulus update underpins the buck, contributing to the offered tone surrounding the GBP/USD pair.