GBP is Waiting For Pending Orders

During the previous analysis, the Pound failed to achieve the expected bullish target, located at 1.3800, only to record its highest level at 1.3673.

Technically, looking at the 4-hour chart, we notice the positive attempts of Stochastic to obtain bullish momentum that conflicts with the negativity of the 50-day moving average, all pressuring the price from above.

With technical signals conflicting, we prefer to remain neutral until the daily trend becomes more precise, waiting for one of the following scenarios:

Reactivating the buying positions requires that we witness stability in the price above 1.3655. This is a catalyst that enhances the chances of rising to visit 1.3720 initially, and gains may extend later towards 1.3750.

Activating short positions depends on breaking the strong support level 1.3570; the British Pound is witnessing a bearish tendency against the US dollar, with its initial targets around 1.3525 and extending towards 1.3500.

S1: 1.3570	R1: 1.3655
S2: 1.3525	R2: 1.3710
S3: 1.3470	R3: 1.3750