GBP/USD closed higher due to short covering on Monday as it consolidates some of this week's decline. 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 this week's decline, this month's low crossing is the next downside target. Closes above the 10-day moving average crossing would temper the near-term bearish outlook.