GBP/USD closed slightly higher due to short covering on Friday and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the 87% retracement level of 2009's rally crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.
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