GBP/USD closed higher due to short covering on Wednesday as it consolidated some of this week's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible near-term. If it extends this week's decline, May's low crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a low has been posted.