/
 
GBP/USD closed lower on Wednesday as it consolidated some of Monday's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral signalling that sideways trading is 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.