Interpretation of this chart?

[leematthews]

This is the weekly chart of GBP/USD. Can someone lend their expertise on the next price swing of this currency pair? From this chart I had a pennant forming starting in November, which would indicate a likely continuation of the downtrend.

In January it penetrated the bottom of the pennant but within a week had bounced off a 23-year low and seemed like a Bear Trap, which is a pretty bullish signal. However, it has since realigned itself inside this Flag (the two parallel lines), which still does have some bearish continuation implications.

At least that's my take on it, does anyone have any opinions or see something?

Edit: Also, if it breaks out above the Flag to say 1.5 or 1.52 I would say that it would be very Bullish.