Mubasher: Sterling declined against major currencies on Wednesday after lower-than-expected economic data in the United Kingdom.

The British unemployment rate rose to 4.4%, with extra 46,000 unemployed people during the three-month period ended December 2017, despite the expectations of stabilising at the same levels, according to the UK Statistics Authority.

On another note, the UK government net borrowing fell to its lowest level since 2008 during the period starting from April 2017 to January 2018.

Although Morgan Stanley revised its prediction about GBP up, from $1.27 to $1.38 by the end of the year, the British Pound fell 0.5% to $1.3925, by 12:52 PM GMT.

The British Government announced that it seeks to have an open transitional period after breaking with the European Union (EU), according to The Guardian.

On Wednesday, sterling also fell 0.2% against the Euro, as EUR-GBP trades at 0.8837.