We saw the Pound Sterling, or Cable, strengthen significantly over the past several months as price rallied to a high over 1.42.
From the high, price declined on heavy volume as depicted by the dark blue line of the GoNoGo Oscillator. To compound its struggles, the GoNoGo Oscillator broke through the zero line. Looking back, we can see how well the zero line had acted as support during the Go trend. After retesting the zero line from below and finding resistance, price fell out of the trend channel and the GoNoGo Trend was unable to hold its colors and a NoGo was identified. The GoNoGo Oscillator is approaching zero again from below where we will look to see if it is rejected once again. This would suggest a further move lower for the pair.