Citing sources, Reuters reported on Wednesday, UK Finance Minister Hunt spoke to BOE Governor Bailey on Tuesday.

Uk Finance Minister Hunt reaffirmed his commitment to the bank's independence and inflation target and both agreed to work closely to restore confidence and stability in the UK economy, Reuters said.

Market reaction

GBP/USD is gathering upside traction above 1.1500, mainly driven by an extended US dollar sell-off alongside the Treasury yields. The pair is rallying 0.70% on the day at 1.1549, as of writing.