GBP is Waiting For Pending Orders

Mixed trading dominated the movements of the pound sterling against the US dollar after it failed to stabilize for a long time above the psychological barrier of 1.3900, which was able to pressure the price.

On the technical side, the British pound starts pressing on the 1.3800 support level. With a careful look at the 4-hour chart, we find the moving averages pressing on the price from the top, in addition to the stability of the intraday trading below the 1.3850 level, on the other side, we find the stochastic indicator trying to get rid of the current negativity As a result of reaching oversold areas.

With technical signals conflicting, we will stand aside for the third session in a row, waiting for one of the following scenarios.

Activating short positions requires a break of the 1.3800 support level and stability below it, targeting 1.3770/1.3765, a first target, and breaking it extends the losses to visit 1.3720.

Activating long positions requires a breach of the 1.3880 resistance level, which may enhance the chances of a rise again towards 1.3930 and 1.3960 areas, respectively.

Note: the level of risk is high 

S1: 1.3765	R1: 1.3880
S2: 1.3720	R2: 1.3960
S3: 1.3645	R3: 1.4000