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GBP/USD closed higher on Wednesday and spiked to a new contract high before profit taking tempered early-session gains. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. If it renews the rally off December's low, weekly resistance crossing is the next upside target. Closes below the reaction low crossing are needed to confirm that a short-term top has been posted.