LONDON Sterling fell to a 7-month low against the dollar on Monday, weighed down by comments from a senior policymaker about the need for further weakness in the currency and recent poor data which has kept alive worries of a recession.
The pound fell 0.5 percent to $1.5438, its lowest since July 13, 2012 and down 5 percent so far this year. Stop loss sell orders were triggered on its drop below $1.5450, traders said.
Senior Bank of England policymaker Martin Weale said on Saturday that sterling may need to weaken further to rebalance Britain's economy.
Britain's economy has been stagnant for the past two years and efforts to focus more on exports have had little effect, despite a 25 percent depreciation of the country's currency between 2007 and 2008, Weale said.
(reporting by Anirban Nag; editing by Jessica Mortimer)