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