BTC/GBP remained largely unchanged on Wednesday and is hovering around 127.2% retracement of 936 and 616 at 1023 levels (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 947.50

Kijun Sen: 947.50

Overall trend remains bullish as the pair continues to hold above 10-DMA. RSI(14) is strong at 59 and the bullish crossover of 5 and 10-DMA suggests further upside in the pair.

The pair’s upside is being capped by 1023 (127.2% retracement of 936 and 616) and a break above would see the pair testing 1062 (March 03 high)/1085 (March 10 high).

On the flipside, 981.25 (20-DMA) is acting as a strong support for the pair and any violation is likely to see a dip till 956 (23.6% retracement of 616 and 1062)/905 (38.2% retracement of 616 and 1085).