I agree with mon and polarbear. You should look at further testing to figure out what is going on. I would look for someone who has expertise with 2e kids and can "do it all." Ask ahead of time what additional tests they plan to do to tease out the source of her reading problem. Our initial tester diagnosed her as HG with dyslexia and dysgraphia but she did minimal testing beyond the IQ and achievement tests to make these diagnoses. We ended up with two separate evals that didn't really give us a complete picture.

In response to your other question re placement in gt programs:
Our DD10 was placed in the gt program based on school administered CoGat and NNAT before we pursued private testing. She struggled in the first grade gt class so we wanted more information before making a decision to pull her from the program. We initially had her do IQ and achievement testing and then based on those tests we pursued further testing re her vision and reading. She has remained in the GT classroom with some minimal accommodations (mostly extra time). She currently reads a few years above grade level but still struggles with writing, in general, and spelling, in particular. For her, staying in the gt classroom has been a good thing mainly because our gt teachers receive a lot more training re 2e issues than traditional teachers.