GBP/USD closed lower due to profit taking on Friday as it consolidated some of the rally off May's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging but are bullish signalling that additional gains are possible near-term. If it extends the rally off May's low, the 50% retracement level of the 2009-2010-decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.