GBP/USD Technical Analysis: Teasing falling channel breakout

GBP/USD is currently trading just above 1.29 - the upper edge of the falling channel. A breakout would be confirmed if the current 4-hour candle ends above that resistance and could yield a rally to 1.2959 (Feb. 13 high) and 1.30 (psychological hurdle). 

4-hour chart

The bear cross between 50- and 200-candle moving averages (MAs) contradicts the bullish view put forward by the channel breakout. The averages, however, are lagging indicators. 

Trend: bullish