This intraday GoNoGo chart still paints a bearish picture of GBPUSD. This is a 120 minute chart and we can see that since the beginning of May the trend has been down, highlighted by the GoNoGo Trend indicator’s “NoGo” purple and pink bars.
After a period of consolidation and low volatility, reflected by the climbing of the GoNoGo Squeeze indicator in the lower panel (grey arrow), the GoNoGo Oscillator was turned away from the zero line and we got a low risk opportunity to enter the downtrend (red circle on May 6th).
Currently, we have made a new low and see another red circle (current bar), indicating that momentum is negative and therefore expect no change in trend in the short term.
After a period of consolidation and low volatility, reflected by the climbing of the GoNoGo Squeeze indicator in the lower panel (grey arrow), the GoNoGo Oscillator was turned away from the zero line and we got a low risk opportunity to enter the downtrend (red circle on May 6th).
Currently, we have made a new low and see another red circle (current bar), indicating that momentum is negative and therefore expect no change in trend in the short term.