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GBP/USD closed higher due to short covering on Wednesday as it consolidated some of Tuesday's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible near-term. If its extends last week's decline, the October 15th gap crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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