BTC/GBP hit a high of 861.20 levels earlier in the day and is currently trading at 850 levels at the time of writing (Coinbase).

Ichimoku analysis of daily chart:

Tenkan Sen: 798.87

Kijun Sen: 765.53

Trend reversal: 698.49 (90-EMA)

The weakness in the pair seen yesterday, following PBoC's meeting with bitcoin exchanges was short-lived and the pair has reversed its losses.

On the upside, the pair is facing strong resistance at 860 levels (trend line joining 748.55 and 835.12) and a consistent break above would target 876 (78.6% retracement of 950 and 605)/900.

Overall bias remains bullish as the MACD line is above signal line and RSI(14) is holding at 69. The pair is also holding above 7-DMA. However, little caution is advised as Stochs are in overbought zone and any close below 7-DMA could see some weakness.

On the downside, the pair has taken support near 826.16 (7-DMA) and a break below would drag it to 808 (10-DMA)/ 778 (trend line joining 467.77 and 611.12).