FxWirePro: BTC/GBP faces resistance at 55-EMA, break above targets 735

BTC/GBP dropped to a low of 605 levels on Thursday, but has recovered its strength to 661 levels, where it currently trades (Coinbase).

Ichimoku analysis of daily chart:

Tenkan Sen: 777.50

Kijun Sen: 777.50

The pair is currently hovering at 661 levels (trend line joining 367.10 and 535.30) and a break above is likely to face resistance at 689 (55 EMA)/736.80 (38.2% retracement of 950 and 605.01).

Momentum studies remain bearish: RSI(14) is at 40; MACD line is below signal line; and bearish crossover of 10- and 21-DMA.

The pair has taken support near 646.48 (90 EMA) and any violation would target 619.33 (100-DMA)/605.01 (January 12 low)/547 (200-DMA).