GBP/USD closed higher due to short covering on Wednesday as it consolidates some of this week's decline but remains below the 10-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it renews the rally off this month's low, November's high crossing is the next upside target.