At 2.00 am ET Wednesday, the Office for National Statistics releases UK consumer and producer prices for May. Consumer price inflation is forecast to rise to 9.1 percent in May from 9.0 percent in April. Factory gate inflation is seen at 14.7 percent versus 14.0 percent in April.

Ahead of the data, the pound traded mixed against its major rivals. While it fell against the greenback, it held steady against the rest of major rivals.

The pound was worth 166.64 against the yen, 1.2226 against the greenback, 0.8578 against the euro and 1.1840 against the franc at 1:55 am ET.

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