GBP/USD closed lower on Monday as it extended the decline off January's high. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain bearish signalling that sideways to lower prices are possible near-term. If it extends the decline off January's high, December's low crossing is the next downside target. Closes above last Thursday's high crossing are needed to confirm that a short-term low has been posted.