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GBP/USD closed lower on Wednesday as it extended this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it resumes the decline off January's high, the 75% retracement level of 2009's rally crossing is the next downside target.