GBP/USD closed higher due to short covering on Monday as it consolidated some of last Friday'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. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews the rally off December's low, the reaction high crossing is the next upside target.
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