Bank of England (BoE) Deputy Governor Sarah Breeden said on Wednesday that she is less concerned that the bank rate might need to be tightened further, as reported by Reuters.

"My focus has shifted to thinking about how long rates need to remain at their current level," Breeden added and noted that she needs to see further evidence to be confident that the UK economy is progressing as set out in the BoE forecasts.

Market reaction

GBP/USD showed no immediate reaction to these comments and was last seen rising 0.17% on the day at 1.2620.