The pound drifted lower against its major counterparts in the early European deals on Wednesday, as the investors became cautious ahead of U.K. Parliamentary vote on Brexit plan and as British industrial and manufacturing output declined unexpectedly in October.

The lower house of the Parliament is voting tonight on the Brexit plan after the U.K. Prime Minister Theresa May agreed to publish her plan for the exit process before Article 50 is triggered.

The PM on Tuesday accepted the demand by the Labour PMs to reveal Brexit plan on conditions that the Article 50 should be triggered by the end of March and the outcome of the June referendum should be accepted.

Figures from the Office for National Statistics showed that industrial production declined 1.3 percent from September, confounding expectations for an increase of 0.2 percent. Production had decreased 0.4 percent in September.

At the same time, manufacturing output slid 0.9 percent, reversing a 0.6 percent rise in September and a 0.2 percent expected growth.

On a yearly basis, industrial production decreased 1.1 percent, in contrast to a 0.4 percent rise in the prior month and 0.5 percent expected growth.

The currency has been falling in the Asian session.

The pound declined to a 5-day low of 1.2580 against the greenback, from a high of 1.2683 hit at 6:15 pm ET. Continuation of the pound-greenback downtrend may see it challenging support around the 1.22 region.

The pound weakened to a 2-day low of 143.34 against the Japanese yen, compared to Tuesday's closing value of 144.50. If the pound extends decline, 141.00 is possibly seen as its next support level.

Preliminary figures from the Cabinet Office showed that Japan's leading index increased less-than-expected in October to the highest level in nearly a year, Wednesday.

The leading index rose to 101.0 in October from 100.0 in the previous month, Economists had expected the index to climb to 101.4.

The pound that closed Tuesday's trading at 1.2801 against the Swiss franc dropped to a 5-day low of 1.2704. The next possible support for the pound-franc pair is seen around the 1.22 region.

The pound slipped to a weekly low of 0.8523 against the euro, compared to 0.8451 hit late New York Tuesday. Further weakness may take the pound to a support around the 0.88 region.

Figures from Destatis showed that Germany's industrial production recovered in October.

Industrial production grew 0.3 percent in October from September, when it declined by revised 1.6 percent. Nonetheless, the pace of growth was weaker than the expected 0.8 percent increase.

Looking ahead, U.S. crude oil inventories data and consumer credit for October are set to be published in the New York session.

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