At 2:00 am ET Wednesday, the Office for National Statistics releases U.K. consumer and producer prices for January. Inflation is seen rising to 4.1 percent from 4.0 percent in December. Output prices are expected to decline 0.5 percent on year, in contrast to the 0.1 percent gain a month ago.

Ahead of these data, the pound showed mixed trading against its major rivals. While the pound rose against the euro, the U.S. dollar and the yen, it held steady against the Swiss franc.

As of 1:55 am ET, the pound was trading at 0.8501 against the euro, 1.1170 against the Swiss franc, 1.2609 against the U.S. dollar and 189.74 against the yen.

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