The defence of our European trophy came to an end with a penalty shootout defeat against Real Madrid following a 4-4 aggregate score over two legs.
However, City still have two major trophies to play for in the final weeks of the campaign.
Before we return to our last six games in the hunt for a record fourth straight Premier League title, we face Chelsea in an FA Cup semi-final on Saturday.
City v Chelsea | Match preview
Asked in his pre-match press conference whether his players are ready to return to action, Guardiola made it clear that City will be going all out for victory this weekend.
“We have no other option,” he said.
“We can’t feel sorry for ourselves. In football you lose games. We performed at our best and we could not win.
“We will reflect in the summer about what happened during the season. You compete to win.
“It hasn’t happened many times in the last seasons but sometimes you lose games. That’s what happened.”
On the mood of the camp, he added: “Today is better than yesterday and tomorrow, better than today.”
City were the outstanding side in the second leg of the quarter-final, pinning Carlo Ancelotti’s team back and creating a host of chances.
Our 88 touches in Real Madrid’s box was the most ever recorded in a Champions League match by Opta, while our 33 shots was the most in any knockout stage game for four seasons.
While Guardiola is obviously disappointed that we haven’t made a fourth successive semi-final, the Catalan was pleased with how his players performed.
“They [Real Madrid] are an incredible team and we were absolutely outstanding from the first minute to 120 plus penalties,” he said.
“We were really good, we lost by a margin on penalties 4-3. You have to accept it. We were good, good enough no.
“The team is always there. I’m so proud. I’d love to be there in the Champions League, unfortunately we are not.
“We did everything. They know it, we know it, but it was not enough. We congratulate them and tomorrow, FA Cup.”
One of Chelsea’s key men this season has been former City player Cole Palmer.
The 21-year-old made the move last summer after progressing through our Academy and has enjoyed an excellent first year at Stamford Bridge, scoring 25 goals and providing 13 assists for his team-mates.
Ahead of Saturday’s semi-final, Guardiola acknowledged the danger he poses and reiterated that it was not his decision to see Palmer leave.
“I know that he’s an exceptional player. We knew when he was here. I didn’t give the minutes maybe he deserved that he’s getting now at Chelsea. He’s a lovely guy,” he said.
“He’s an incredible threat but the decision was made for many reasons. He wanted to leave for two seasons. What can you do? I said stay, he said I want to leave.”
City v Chelsea app coverage
Our official app allows you to follow all of the action from London in one place.
Minute-by-minute text updates will begin in our Matchday Centre two hours before kick-off, while our Matchday Live show will begin at 16:15 (UK).
We will have guests on the latest Matchday Live show, offering their expert insight before, during and after the action.
They will also answer viewer questions throughout the broadcast, with audience participation actively encouraged on Matchday Live. To get in touch, send a WhatsApp to: +447537186538.
During the game you can also listen to live audio commentary from Alistair Mann while our text commentary continues.
Make sure to have push notifications turned on as well, so you can be alerted to key moments in the action, including goals, red cards and the team news.
Highlights from the match, as well as a full-match replay [available with a CITY+ subscription] can be accessed from midday on Sunday.
