GBP/USD closed higher on Tuesday ending a two-day correction off last week's high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it extends the rally off May's low, the 50% retracement level of the 2009-2010-decline crossing is the next upside target.
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