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

The GBP/USD currency pair is moving upwards, and it is not as we predicted. Yesterday the price reached a new local maximum at the level of 1.5990. Currently we should expect the pair to continue growing up. The closest target of the rising pattern is the area of 1.6100, one can consider buying Pound with the tight stop. The test of the trend’s rising line (which is a support line here) at the RSI is an additional signal to buy the pair. If the price breaks the level of 1.5870, this case scenario will be cancelled.