GBP/USD completes 100-pip decline to test 1.6700

FXStreet (San Francisco) - The Sterling is trading under pressure on Wednesday as a major demand of EUR/GBP amid semi-annual UK payment to the EU is driving the pound down.

In this framework, the GBP/USD is completing a 100-pip decline from 1.6815 priced overnight to break below the 1.6830, where the cable found stops, and to reach fresh lowest since April 15 around 1.6700.

Currently, GBP/USD is trading at 1.6711, down 0.58% on the day, having posted a daily high at 1.6817 and low at 1.6708. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.

GBP/USD levels

Below the 1.6700, next support in the GBP/USD is 1.6680. On the upside, the pair needs to recover the 1.6730 before thinking in a recovery to 1.6780.