Bank of England (BoE) Chief Economist Huw Pill said on Wednesday that it's an open question whether the time for cutting the interest rate is upon them, per Reuters.

Additional takeaways

"Some work to do before domestic persistent component of inflation is gone."

"I'm reluctant to be drawn on whether I'm cautious or not about cutting rates, important to get balance right."

"Uncertainty about wage behaviour in UK unlikely to disappear soon, policy decisions need to be robust to this."

Market reaction

GBP/USD edged higher following these comments and was last seen gaining 0.4% on the day at 1.2835.