BTC/GBP continues trading in an extremely narrow range on Monday as seen from the past couple of sessions. It is currently trading at 1970 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1928

Kijun Sen: 1925

On the upside, the pair is hovering around 1972 (5-DMA) and a consistent break above would see it testing 2031 (4h 200-SMA). Further strength would see further bullishness in the pair targeting 2063 (61.8% retracement of 2315 and 1657)/ 2118 (May 25 high)/ 2193 (June 21 high)/2247 (113% retracement of 2193 and 1777).

On the flipside, immediate support is seen at 1933 (trend line joining 2315 and 2193) and any violation would target 1897 (trend line joining 1475 and 1657)/ 1830 (July 02 low). Further weakness would drag it to 1777 (June 27 low)/1700 (38.2% retracement of 706 and 2315).

Momentum studies: On the daily chart, RSI and MACD are biased lower, while stochs are biased higher. Bias appears weak on the 4-hour chart as well.

On the weekly chart, the pair has not been above to close above 5-SMA for past three consecutive weeks. Stochs have rolled over from the overbought levels. RSI is at 72 and MACD line is above the signal line, but with fading upside momentum.

Recommendation: Good to go short on break below 1897. SL: 2031. TP: 1777/1700.

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