When is the UK labor market report and how could it affect GBP/USD?

The UK Office for National Statistics (ONS) is set to release the labor market report at 07:00 GMT. This report expects the UK ILO unemployment rate to rise to 5.1% in October from 5.0% in September. Additionally, a drop of -22K in employment change was reported for September. Such deterioration in employment figures could negatively impact the UK economy outlook and potentially lead to a decline in the British pound. Market participants are particularly focused on the unemployment rate increase, which may have significant implications on interest rate policy and economic growth. Ahead of the report, the pound is likely to exhibit volatility, prompting traders to enhance risk management strategies. Overall, GBP/USD performance will heavily rely on these upcoming data releases.