Bank of England´s monetary policymaker Silvana Tenreyro said on Thursday that the UK’s inflation target is`flexible'. Her comments follow up from Tuesday´s when she said that the BoE will probably need to start cutting interest rates sooner than previously thought after raising them sharply in recent months despite signs of weaker inflation pressures, monetary policymaker Silvana Tenreyro said on Tuesday.

"I expect that the high current level of Bank Rate will require an earlier and faster reversal, to avoid a significant inflation undershoot," Tenreyro said in the text of a speech she was due to make at the Royal Economic Society's annual conference in Glasgow.

GBP/USD update

 GBP/USD has traveled between a low of 1.2404 and a high of 1.2467 on Thursday.