"If we think quantitative tightening (QT) is causing too much tightening, we can offset that with less interest rate increases," Bank of England (BOE) Chief Economist Huw Pill told the UK's Treasury Select Committee on Wednesday.

"Quantities of QT that will be under consideration at next week's MPC meeting have taken market conditions into account," Pill added and explained that market prices are an important ingredient in discussions about the digestibility of QT.

Market reaction

GBP/USD stays under bearish pressure following these comments and was last seen trading at 1.1477, where it was down 0.35% on a daily basis.