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GBPUSD : Will it Breakout or Break Down?

GBPUSD : Daily Chart

GBPUSD continued to rise on the daily chart and might find resistance at 1.6257 which earlier acted as support for the pair. Also it seems like the pair is following a falling wedge pattern according to which the pair should break above the falling resistance trend line. The 100 day SMA is contracting towards the 200 day SMA signaling that the pair might continue to follow downtrend. So this time the pair should decline from the resistance trend line of the wedge. 

On the other hand,the Bank of England today voted to keep the interest rate on hold at .5% and to keep the asset purchase program unchanged at 375 billion pound as expected. Fed statement might continue to weigh on the pair and help it surge as the expectation for an early interest rate increase faded.

GBPUSD : 4 Hour Chart

On the 4 hour chart, the pair declined from the resistance at 1.6226 which earlier also resisted the pair in rising further. However there seems another rising support trend line which continue to provide support to the pair. If it again find support from this rising support trend line the trend seems to be an ascending triangle trend according to which the pair might break out from the resistance this time. On the other hand if the pair declines below the rising support trend line, it will continue to follow the downtrend.