GBP/USD closed lower on Wednesday as it consolidates some of the rally off May's low. 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 it extends this month's rally, the reaction high crossing is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted.