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What is in your cart right now ? Is there a reason you can't complete that purchase first ?
Post any other error messages if you see them. Please give as much detail as you can.
After about 15 minutes of it doing this I simply went to my library to see if it had managed to complete and it didn't, I go back to the store and it's still in my cart. I try to purchase again and all it says is that error: "Your transaction cannot be completed because you have another pending transaction on your account."
But that is when something prevents the transaction from completing totally.
In your case, it just sounds like it was "working" to complete the transaction, but just taking forever. Sorry, as I am not familiar with this situation and don't think I have seen that here before.
So I did a forum search and you can feel free to see if any of this is helpful :
https://steamcommunity.com/discussions/forum/search/?gidforum=882959061466924237&include_deleted=1&q=%22Your+transaction+cannot+be+completed+because+you+have+another+pending+transaction+on+your+account.%22
Did you use a new payment method on your account ?
Can you think of any other reason, other than network problems maybe, that might have cause the transaction to "hang up", as it seems ?
But yes, I did see where OP said it's been hours, so not sure.
Seems like it just takes some time for it to "time out" and allow you to purchase stuff again.
Which is a pretty nice feature. So hopefully, you can get it finalized before too long, but feel free to keep discussing it here with the Community if you wish, and check my search result link above for others that had the same or a similar problem.
I am not sure what else to do but suggest waiting, as long as there is no network problems or new payment method being the cause.