Sterling trims gains vs. dollar after Yellen's testimony

Sterling relinquished its earlier gains against the American dollar during the U.S. session after the Federal Reserve Chairwoman Janet Yellen's testimony ahead of Congress which gave a small boost to the dollar versus its peers. 

GBP/USD last traded at 1.4472, with a session-high at 1.4581, and a low at 1.4448, after opening the session at 1.4464. 

Sterling gave up ground against the greenback after Yellen pointed that the bank is still on track for raising interest rates gradually this year, while asserting that the monetary policy will be dependent on economic data. 

On the other hand, Sterling didn't find support from the economic data released today from Britain, which showed a steep drop in industrial and manufacturing production in December, which sapped strength from the pound. 

The dollar index, which measures the U.S. unit against a basket of rivals, last traded at 96.36, up from the opening level of 96.05, with an intraday high at 96.73, and a low at 95.84. The index hit a four-month low yesterday at 95.84.