Forex Technical Analysis & EUR/GBP Forecast for March 1st, 2012

Fall of Euro may be connected with the descending movement of the EUR/GBP currency pair also. The price is forming a descending symmetrical pattern with the target in the area of 0.8050. By now, the pair has already defined the area of the 5^th pivot point, we should expect it to start falling down from the current levels. The test of the trend’s descending line at the RSI is an additional signal to sell the pair. If the price breaks the descending channel’s upper border, this case scenario will be cancelled