While testifying before the UK Treasury Select Committee on Monday, Bank of England (BOE) Governor Andrew Bailey argued that they should not pre-commit to the next policy move and said they have a range of options for the August meeting.

Key takeaways via Reuters

"UK is facing a very big real income shock."

"We need to assess how much real income shock will bring down inflation itself."

"We expect inflation to be back to target in around two years, other things being equal."

Market reaction

These comments failed to help the British pound find demand and the GBP/USD pair was last seen losing 1.1% on a daily basis at 1.1895.