"I think there are some interesting pieces of evidence in labour market data, it's a continuation in some cases - if you look at the vacancy to unemployment ratio, for instance - of some signs of the labour market cooling,"  Bank of England (BoE) Governor Andrew Bailey said on Wednesday.

Bailey further noted that the current level of pay increases was not consistent with the inflation target.

Market reaction

GBP/USD continues to pull away from the 15-month high it set at 1.2970 earlier in the day. As of writing, the pair was virtually unchanged at 1.2930.