GBP/USD closed sharply higher on Wednesday and above the reaction high crossing confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off this month's low, December's high crossing is the next upside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted.