GBP/USD closed higher due to short covering on Friday as it consolidated some of this week's decline but remains below the 20-day moving average crossing confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, the reaction low crossing is the next downside target. Closes above the 10-day moving average crossing would confirm that a short-term low has been posted.