The Blues boss saw his side suffer a rare defeat on home soil, with a brace from Adama Traore leaving them eight points adrift of Jurgen Klopp’s Reds
The defending champions took to the field on Sunday knowing that they needed to offer a response to the faultless Reds.
They uncharacteristically fluffed their lines on home soil, with Guardiola seeing his side suffer a league defeat to nil at the Etihad Stadium for the first time.
The Catalan coach concedes that his side, who continue to suffer with injury struggles at the back, never got going against Wolves and were left to pay the price as Adama Traore bagged a late brace.
Guardiola told BBC Sport: “We started decent, quite well but conceded counter-attacks. We were not at our best and when you concede a fast counter-attack, we had chances to score but it was a bad day and lost the game.
“We did not make good process, we had problems in that sense. We are a team that plays a specific way but it is a bad day, that happens sometimes.
“When you win games, you think about the other one. Now we have the international break, then can come back and go to the other games.”
Guardiola is unaccustomed to seeing his City side suffer such off days, but acknowledges that such blips are always possible when setting high standards.
He added to Sky Sports: “It was not our best day. We started good, we wanted to be patient with our game because we know how good they defend. We let them run twice, got nervous a little bit and our process to create chances was not good. We had the problems on the counter-attack in the end and it was a bad day.
“They defend. They play long balls and defend, they then go on the counter. It is physical team, a strong team so know how good they are. We know their qualities and we knew how they scored the goals. We were not organised, lost balls in positions we could not lose them in.
“We had two chances, one onto the crossbar and with Bernardo Silva. They did really well. We are going to come back again to try.”
City reined in Liverpool last season after seeing Jurgen Klopp’s side open up a commanding lead at the top of the table.
They are going to have to do likewise in 2019-20 if a hat-trick of top-flight crowns is to be secured, with Guardiola saying: “The distance is big, Liverpool have not dropped points.
“Now is the time to come back. The results will dictate the situation but we are in October and there’s a long way to go.”
A bad day for City against Wolves also saw them lose Kyle Walker at the interval, with a man overlooked for the latest England squad joining those taking in enforced breaks.
Guardiola said of his right-back: “Kyle Walker did not feel good, he did not train well after an infection and we had to change him.”
City will return to action after the international break with a trip to Crystal Palace on October 19.