Two late goals from Adama Traore gave the visitors all three points against the Premier League giants at Eithad Stadium.
However, Guardiola said that it was not their best day, adding that Wolves defended well against them.
“It was not our best day. We started good, we wanted to be patient with our game because we know how good they defend,” Guardiola told Sky Sports.
“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.”