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GBP/USD closed higher on Wednesday as it extends the rally off December's low. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off this month's low, November'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.