The British pound is attempting to recover from the 1.3800 level against the US dollar currency ahead of the United Kingdom CPI inflation report. The four-hour time frame shows that if GBPUSD bulls can defend the 1.3740 level then a triple-bottom pattern could be forming. A powerful counter rally in the GBPUSD pair could take hold if this bullish price pattern is confirmed.
The GBPUSD pair is only bullish while trading above the 1.3900 level, key resistance is found at the 1.4000 and the 1.4060 levels.
If the GBPUSD pair trades below the 1.3900, sellers may test the 1.3800 and 1.3740 support levels.