GBP/USD: technical analysis 21.02.2019 Current trend On 4-hour chart, the instrument is correcting down from the upper line of the Bollinger Bands, which coincited with the level of 1.3108. The first target of the correction is the level of 1.2984, which corresponds to the middle line of Bollinger Bands. There is a chance of an upward rebound from the level of 1.2984, while its breakdown would allow the fall to continue to the area of 1.2939 (Murray [4/8])-1.2908 (Murray [3/8]). The upward movement will be restored after the price is set above the level of 1.3061 (Murray [8/8]), that impedes growth to 1.3092 (Murray [+1/8]) – 1.3122 (Murray [+2/8]). Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. Bands are leaned upwards, reflecting the moderate developing of the upward movement.MACD histogram is in the pozitive zone. Stochastic’s lines are pointed downwards, reflecting the high possibility of the downward correction formation. Support and resistance Support levels: 1.3031, 1.3000, 1.2970,1.2939. Resistance levels: 1.3061, 1.3092, 1.3122, 1.3150. Trading recommendations Short positions can be opened below the level of 1.3031 with the target at around 1.3000-1.2970 and stop-loss 1.3050. Long positions can be opened above the level of 1.3061 with the target at around 1.3092-1.3122 and stop-loss 1.3040.