BTC/GBP broke above the previous high of 532 levels and hit 540 levels on October 22. It is currently trading slightly lower at 534 levels at the time of writing (Coinbase).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 522.92

Kijun Sen: 500.41

Trend reversal: 478.42 (90 EMA)

The pair ran into resistance at 540 levels (127.2% retracement of 532.69 and 505.84) and a break above would target 549.28 (161.8% retracement of 532.69 and 505.84)/ 573 (113% retracement of 549.45 and 367.10).

On the downside, the pair has taken support near 527.60 (7-EMA) and any violation would drag the pair to 513.28 (21-DMA)/500.