BTC/GBP declined to 686.22 levels after hitting a high of 755.81 levels on December 24. It has restored its strength to above 700 levels and is currently trading at 734 levels at the time of writing (Coinbase).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 692.12

Kijun Sen: 670.61

Trend reversal: 585.22 (90 EMA)

On the upside, the pair is currently targeting 755.81 levels (December 24 high) and a break above would see it testing 774.74 (127.2% retracement off 755.81 and 686.22)/ 798.82.

On the flip side, the pair has taken support near 679.65 (10-day MA) and a break below would drag it to 645.42 (21-day MA)/630 (trend line joining 367.10 and 535.30).