GoNoGo Charts sees bullish signs for EURGBP
The daily GoNoGo Chart of the Euro / British pound cross looks like it is forming a base. The GoNoGo Trend is showing “NoGo” but it is weakening as depicted by the paler pink bars.
We look to the GoNoGo oscillator to confirm the price action and if this “NoGo” trend was strong then we’d expect it to find resistance at zero as it did from the 22nd to 27th of April. However, the current price bar has been strong enough to push the GoNoGo Oscillator into positive territory for the first time since the highs of march.
If the momentum can stay positive, expect a leg up in price out of the consolidation zone.
We look to the GoNoGo oscillator to confirm the price action and if this “NoGo” trend was strong then we’d expect it to find resistance at zero as it did from the 22nd to 27th of April. However, the current price bar has been strong enough to push the GoNoGo Oscillator into positive territory for the first time since the highs of march.
If the momentum can stay positive, expect a leg up in price out of the consolidation zone.
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