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GBP/USD extends declines below 1.6300 post US GDP

FXStreet (San Francisco) - The Sterling is trading under pressure versus the US Dollar as the pair is extending its rejection from 200-hour MA at 1.6330 and now it is pricing below 1.6300 just after the upward revision in the US GDP.

The US GDP was revised up to 4.6% in the Q2 from previously reported of 4.2%; final number was in line of expectations and the highest figure since Q4 2010.

Currently, GBP/USD is trading at 1.6284, down -0.20% on the day, having posted a daily high at 1.6335 and low at 1.6284. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish.

GBP/USD sentiment

According to Gerry Davies from FXBeat, there are "buy orders clustered 1.6275/85," and "sell stops gathering through 1.6275 or 1.6270 depending on who you speak to."

In addition, "more buy orders clustered 1.6240/50. Sell stops gathering through 1.6240. Topside, sell orders clustered 1.6340/50."

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