GBP/USD closed slightly lower due to profit taking on Wednesday but remains above the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bullish signalling that sideways to higher prices are possible near-term. If June extends Tuesday's rally, the reaction high crossing is the next upside target. Closes above the 10-day moving average crossing are needed to confirm that a short-term low has been posted.