Sterling advances against dollar for second session

Sterling titled higher against the dollar in American trade, following earlier data from Britain and the US, the world's largest economy, while Federal Reserve Chair Janet Yellen presented the second part of her Congressional testimony about monetary policy ahead of the Senate Banking Committee today.

As of 05:30 GMT, GBP/USD rose 0.33% to 1.2928 from the opening of 1.2885, with an intraday high at 1.2955, and a low at 1.2881. 

Earlier British data included the Bank of England Credit Conditions Survey, while the Office for Budget Responsibility said Britain's exit from the European Union won't impact financial stability much, as the real effect will be in the long term, noting that Brexit forces the fiscal policy to be more austere.

Otherwise from US, earlier data showed producer prices rising last month, as core prices slowed down, while on a yearly basis, both readings slowed down in June, as unemployment claims fell less than expected last week. 

Similarly, Yellen's testimony today didn't offer different details than her testimony yesterday ahead of the House of Representatives' Financial Services Committee, when she asserted that interest rate hikes will be gradual, and confirming the process of trimming down the Fed's huge balance sheet later this year.