The pound slipped against its major rivals in early European deals on Tuesday, as the U.K. consumer prices grew less than expected in October and output price inflation slowed further.

Data from the Office for National Statistics showed that the U.K. consumer prices climbed 3 percent year-on-year in October, compared to expectations for a 3.2 percent rise.

The index was unchanged from last month.

Month-on-month, consumer prices edged up 0.1 percent versus the expected growth of 0.2 percent.

Core inflation that excludes energy, food, alcoholic beverages and tobacco, also held steady at 2.7 percent in October.

Another report from the ONS showed that output price inflation slowed to 2.8 percent in October from 3.3 percent in September. The expected rate was 2.9 percent.

On a monthly basis, output prices gained 0.2 percent, the same rate as posted a month ago.

At the same time, input price inflation eased notably to 4.6 percent in October from 8.1 percent in September. Inflation was forecast to slow to 4.8 percent.

Input prices climbed 1 percent in October from September, when they rose 0.2 percent.

European stocks were mostly higher, with encouraging economic data from Germany and upbeat corporate earnings supporting sentiment.

Investors looked ahead to European Central Bank's conference in Frankfurt, where the European Central Bank chief Mario Draghi, Federal Reserve Chair Janet Yellen, Bank of Japan Governor Haruhiko Kuroda and Bank of England Governor Mark Carney participate in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication."

The currency has been trading in a negative territory in the Asian session.

The pound depreciated to 0.8954 against the euro, its lowest since October 26. This may be compared to a high of 0.8889 hit at 6:45 pm ET. The next possible support for the pound is seen around the 0.92 mark.

Data from the Federal Statistical Office showed that Germany's economic growth accelerated in the third quarter.

Gross domestic product grew 0.8 percent sequentially, faster than the 0.6 percent expansion logged in the second quarter. The growth rate was forecast to remain at 0.6 percent.

Pulling away from an early Asian session's peak of 1.3128 against the greenback, the pound edged down to 1.3074. Continuation of the pound's downtrend may see it challenging support around the 1.29 region.

The pound retreated to 148.78 against the yen and 1.3009 against the franc, from its early highs of 149.43 and 1.3077, respectively. If the pound extends slide, 147.00 and 1.29 are likely seen as its next support levels against the yen and the franc, respectively.

Looking ahead, U.S. producer prices for October are due in the New York session.

At 12:30 pm ET, the Bank of England Deputy Governor Jon Cunliffe speaks at the Oxford Economics Society.

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