GBPUSD falling as GoNoGo Charts shows downtrend re-entry icon

FX:GBPUSD   British Pound / U.S. Dollar
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.
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