GBP/USD closed higher on Wednesday and and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning bullish hinting that additional short covering is possible. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends the decline off January's high, the 50% retracement level of 2009's rally crossing is the next downside target.
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