GBP/USD closed higher due to short covering on Tuesday as it consolidated some of last week's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews the rally off December's low, weekly resistance crossing is the next upside target. Closes below last Friday's low crossing are needed to confirm that a short-term top has been posted.