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GBP/USD falls below 1.6350

FXStreet (San Francisco) - The Sterling lost the 1.6350 position versus the US Dollar and after declining 135 pips so far today, the GBP/USD is extending its drop from 1.6460 to trade at lows since February 7 at 1.6330.

Currently, GBP/USD is trading at 1.6340, down 0.73% on the day, having posted a daily high at 1.6467 and low at 1.6332. GBP/USD spot is in extremely oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

GBP/USD sentiment

"Next major support is around 1.6285, the 38.2% retracement of the roughly 1.48/1.72 rally," Jamie Coleman from FXBeat comments. "As we've long cautioned, while the BOE and the Fed will be the first to move on highe rates, cable was a lousy way to play a BOE rate hike given the likelihood of a major slide in EUR/USD."

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