The sterling declined to a 1-month low against the dollar, after Bank of Englands Ian McCafferty stated that more easing would be needed, apart from the measures unveiled last week by the bank, if the economy slowed as much as sentiment surveys have suggested. The major was also weighed down by downbeat manufacturing and industrial production figures. Britain’s manufacturing production for June came in at 0.9 percent y/y against consensus of 1.3 percent, while industrial production stood at -0.3 percent m/m, versus projections of -0.2 percent. Sterling declined as low as 1.2962, its weakest since July 11. It was trading around 1.2981, 0.4 percent down for the day. From the current levels, 1.3040 level will be acting as immediate resistance and any break above will take the pair to next level till 1.3080. On the lower side 1.2960 seems to be major support and any break below targets 1.2900/1.2850. Minor bullishness can be seen only above 1.3200. Against the euro, the pound trades 0.5 percent lower at 85.40 pence.