The pound remained lower against its major counterparts in Asian session on Wednesday after the UK Prime Minister Theresa May sent the letter invoking Article 50 of the Lisbon Treaty to Brussels, kick-starting the formal process of leaving the European Union.

Britain's Ambassador to the EU Tim Barrow will deliver the letter to the European Council President Donald Tusk in Brussels on Wednesday.

May is set to address the British parliament later in the day, while Tusk is scheduled to make a press statement in Brussels on the UK notification around 13.45 local time.

The uncertain negotiation process under Article 50 must be completed in two years from the date of triggering.

The currency declined on Tuesday amid worries over the Scottish Parliamentary vote on a second independence referendum and on Brexit concerns. It fell 0.8 percent against the greenback, 0.5 percent against the yen, 0.4 percent against the euro and 0.09 percent against the franc for the day.

The pound dropped to a new 5-week low of 1.2376 against the greenback early in the session and held steady thereafter. This marks a 0.6 percent decline from Tuesday's closing value of 1.2451. The pound is likely to find support around the 1.22 zone.

The pound remained in a negative territory against the yen, following a 2-1/2-month low of 137.60 hit at 8:10 pm ET. Continuation of the pound's downtrend may see it challenging support around the 134.5 level. The pair was quoted at 138.40 when it finished Tuesday's trading.

The pound fell to near 2-week lows of 0.8735 against the euro and 1.2284 against the Swiss franc in early deals and held in tight ranges in later part of the session. The pound closed Tuesday's trading at 0.8683 versus the euro and 1.2357 against the franc.

Looking ahead, U.K. mortgage approvals and M4 money supply for February are due in the European session.

In the New York session, U.S. pending home sales data for February is set for release.

Chicago Fed President Charles Evans speaks about the current economic conditions and monetary policy at the International Capital Markets Conference in Frankfurt at 9:20 am ET.

Federal Reserve Bank of Boston President Eric Rosengren speaks on the economic outlook before members of the Boston Economic Club and Federal Reserve staff at 11:30 am ET.

European Central Bank Executive Board Member Peter Praet delivers speech at the "2017 Harvard Law Europe - US Symposium on International Financial Systems" in Frankfurt in 12:50 pm ET.

Federal Reserve Bank of San Francisco President John Williams will speak on "From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes" before the Forecasters Club of New York at 1:15 pm ET.

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