According to office document, it pronounces "My S-Q-L", not "My sequal".
https://dev.mysql.com/doc/refman/5.7/en/what-is-mysql.html
Click the URL you can get more information from office site.
[The official way to pronounce “MySQL” is “My Ess Que Ell” (not “my sequel”), but we do not mind if you pronounce it as “my sequel” or in some other localized way.]