BTC/GBP hit a fresh high of 633.33 levels on Friday and is currently trading slightly lower at 631 levels at the time of writing (Coinbase).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 613.12

Kijun Sen: 604

Trend reversal: 561 (90 EMA)

The pair faces strong resistance at 638.77(161.8% retracement of 619.64 and 588.68) which also shows the resistance from the trend line joining 611.12 and 621.47 (around 637 levels). Any violation of this level would see it testing 650 (161.8% retracement of 611.12 and 547.20)/700.

On the reverse side, 616.55 (10-EMA) is acting as a major support for the pair and a break below would drag it to 607.74 (21-DMA)/588.68 (December 05 low).