At 4.30 am ET Wednesday, the Office for National Statistics publishes UK consumer and producer prices. Consumer price inflation is forecast to slow to 2 percent in May from 2.1 percent in April.

Ahead of these data, the pound traded mixed against its major counterparts. While the pound recovered against the greenback, it held steady against the rest of major counterparts.

The pound was worth 136.24 against the yen, 1.2549 against the franc, 0.8915 against the euro and 1.2568 against the greenback at 4:25 am ET.

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