Guardiola signed a new contract at Manchester City on Thursday, but his side fell further behind in the title race when they lost 2-0 at Tottenham Hotspur on Saturday evening.
The win helped Tottenham to reach the top of the league table for the time being, but Manchester City are now eight points off the summit of the Premier League.
Former England international Owen insists that Manchester City have not looked convincing and Guardiola’s sullen mood on the touchline has reflected on the performances of his side this season.
He feels the Premier League giants have improved in certain areas, but stressed that their main concern is that they are not scoring enough goals at the moment, which he never thought he would say about a Guardiola team.
Owen said on Premier League TV: “They don’t look as if they are firing on all cylinders yet.
“Pep Guardiola has been looking a bit down this season and I think that reflects on the team at the moment.
“I just don’t think they are at it.
“I do like the new centre-half partnership and I do think they are better in certain areas.
“But they are not scoring many goals and I never ever thought I would be saying that about a Pep Guardiola team.”
Manchester City sit in 13th in the Premier League table following the weekend’s games and their ten goals in eight matches is 12 goals fewer than Chelsea have scored and eleven fewer than Liverpool and Tottenham.