The sentence in the Bank of England's meeting minutes on further rate rises being necessary was wearing thin, Bank of England policymaker Catherine Mann said on Monday, per Reuters.

"We thought it appropriate to recalibrate market expectations," Mann added. "We have given important guidance on the size, timing and pace of any future rate rises."

Market reaction

The British pound is struggling to find demand after these comments and the GBP/USD pair was last seen trading at 1.2230, rising 0.05% on a daily basis.