At 4:30 am ET Tuesday, the Office for National Statistics publishes consumer and producer prices for December and house price index for November. U.K. inflation is forecast to accelerate to 1.4 percent in December from 1.2 percent in November. Economists forecast output prices to rise 2.9 percent annually, following a 2.3 percent increase in November. Input price inflation is seen increasing to 15.5 percent from 12.9 percent.

Ahead of these data, the pound rose against its major rivals.

As of 4:25 am ET, the pound was trading at 0.8772 against the euro, 1.2163 against the Swiss franc, 1.2212 against the U.S. dollar and 137.54 against the yen.

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