BTC/GBP failed to close above 1800 levels on Tuesday. It is currently hovering around 7-DMA at 1729 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1796.50

Kijun Sen: 1639

The pair is currently trading in a narrow range and faces strong resistance at 1800 (psychological) and a break above would see it testing 1872 (61.8% retracement of 2118 and 1475)/1927 (161.8% extension of 706 and 1461)/1900/1980.

On the daily chart, RSI is at 67, MACD line is below signal line, and stochs suggest lower bias. Traders are preferred to wait for a confirmed signal on daily charts. Momentum studies suggest bearish bias on hourly charts.

Immediate support is seen at 1703 (10-EMA) and a break below would target 1663.54 (4h 90-EMA). Any violation would confirm further bearishness in the pair dragging it to 1582 (20-DMA)/1475 (May 27 low).