GBP/USD falls to 1.6900 following strong US GDP

By FXstreet.com | July 30, 2014 AAA

FXStreet (San Francisco) - The GBP/USD declined to 1.6900 in the latest few minutes amid stronger than expected US GDP reading in the Q2.



US grew 4.0% in Q2; well above expectations and better since Q3 2013. "Dollar much stronger after the data, thought the data is subject to major revisions, as recent history has shown," comments Jamie Coleman from FXBeat.



Currently, GBP/USD is trading at 1.6909, down 0.20% on the day, having posted a daily high at 1.6957 and low at 1.6902. GBP/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.



GBP/USD levels



As for technical levels, next supports are seen at 1.6900 ahead of 1.6880 and 1.6860. On the other hand, resistances could be found at 1.6970 (50-day SMA), 1.7000 (psychological level/Jul 28 high) and 1.7017 (10-day SMA).



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