BTC/GBP broke above the trend line joining 2315 and 2193, but continues to trade in a choppy range due the lack of any significant upward momentum. It is currently trading at 1993 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1928

Kijun Sen: 1986

On the upside, the pair faces strong resistance at 2041 (4h 200-SMA) and a break above would see it testing 2063 (61.8% retracement of 2315 and 1657)/2118 (May 25 high). Further strength would target 2193 (June 21 high)/2247 (113% retracement of 2193 and 1777).

On the flipside, immediate support is seen at 1982 (5-DMA) and a break below would target 1959 (10-DMA)/1933 (50-DMA). Further weakness would drag it to 1895 (50% retracement of 1475 and 2315)/ 1857 (trend line joining 1475 and 1657).

Momentum studies: On the daily chart, RSI is at 52, MACD appears to be on the verge of a bullish crossover, and stochs are biased higher. Moreover, 5- and 10-DMAs are biased higher.

On the weekly charts, the pair is facing strong resistance at 2032 (5-SMA) and a decisive break above will see further upside.

Recommendation: Wait for clear directional bias.

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