The pound fell against its major rivals in European deals on Wednesday, despite the release of U.K. factory activity data showing an expansion for the twenty-fourth consecutive month in March.

British manufacturing sector expanded at the fastest pace in eight months during March on stronger growth in production and new orders that led to increased hiring, survey results from Markit Economics and the Chartered Institute of Procurement & Supply showed.

The Markit/CIPS Purchasing Managers' Index rose to 54.4 from 54 in February, which was revised down from 54.1. The latest reading was in line with economists' expectations.

European shares rose after final manufacturing PMI from the Eurozone improved more than the initial estimate in March. The Purchasing Mangers' Index rose to a 10-month high of 52.2 in March from 51 in February. The flash score was 51.9.

The pound fared well on Tuesday, as the U.K. economic growth was revised up in the fourth quarter. It rose 0.97 percent against the euro, 0.03 percent against the greenback, 0.6 percent against the franc and 0.06 percent against the yen.

The pound depreciated to 1.4768 against the greenback, off early session's high of 1.4871. The next possible support for the pound may be located around the 1.47 mark. At yesterday's close, the pair was valued at 1.4814.

Moving away from an early high of 1.4444 against the Swiss franc, the pound pared gains to 1.4368. If the pound extends slide, 1.42 is possibly seen as its next support level. The pair finished Tuesday's deals at 1.4402.

The pound that climbed to an 8-day high of 178.42 against the yen at 1:00 am ET fell back to 177.46. On the downside, the pound may challenge support around the 176.00 mark. The pound-yen pair was quoted at 177.92 at yesterday's close.

The pound was trading lower at 0.7271 against the euro, following an advance to 0.7230 in prior deals. The pound may possibly find support around the 0.735 area. The pound was trading at 0.7241 versus the euro when it closed Tuesday's deals.

Looking ahead, U.S. ADP private sector employment data and U.S. ISM manufacturing index for March and construction spending for February are slated for release in the New York session.

At 9:00 am ET, U.S. Federal Reserve Bank of San Francisco President John Williams will participate in a panel discussion titled "Financial Stability: How Essential Financial Stability be to Central Banks?" at the Federal Reserve Bank of Atlanta's financial markets conference "Central Banking in the Shadows: Monetary Policy and Financial Stability Post crisis," in Stone Mountain.

About an hour and a half later, at the same conference in Stone Mountain, U.S. Federal Reserve Bank of Atlanta President Dennis Lockhart will participate in a panel discussion titled "Monetary Policy: Will the Traditional Banking Channel Remain Central to Monetary Policy?".

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