Bullish flag on the GBP/USD

The GBP/USD has lost its bullish momentum during that last few sessions and it is currently consolidating around the 1.2800 zone, forming what it appears to be a bullish flag or a pennant as shown on the daily chart. From this point on, the pair may head in any direction, but there is a higher probability of seeing a bullish breakout since the trend coming into the formation is bullish. The 55 day EMA (purple line) has changed its direction to the upside, confirming a bullish trend. The GBP/USD would need to break above the 1.2900 level to keep its bullish trend, but the 1.3000 level could act as a resistance along with the 55 week EMA which is currently exactly at that level. To the downside, the nearest support area is the 1.2700 zone along with the 200 day EMA (blue line), but a much relevant support could be the 1.2600 level.