At 3.00 am ET Wednesday, the Office for National Statistics releases UK consumer and producer prices for February. Consumer price inflation is forecast to rise to 5.9 percent from 5.5 percent in January.
Ahead of the data, the pound traded mixed against its major counterparts. While it rose against the franc, it was steady against the rest of major rivals.
The pound was worth 160.85 against the yen, 1.3276 against the greenback, 0.8310 against the euro and 1.2410 against the franc at 2:55 am ET.