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BQ27421-G1: GPOUT pin

Other Parts Discussed in Thread: BQ27421-G1

Hi everyone,

I want to include the bq27421 fuel gauge into my project and I need some help with one of its pins. 

One of the pins is called GPOUT and is basically used either to exit the IC from shutdown mode (by toggling the GPOUT), or battery low indication or for SOC interrupt (I do not care about the last one)

I found a reference design from TI (sorry for the bad quality)

My question is about the GPIO pin of the host.
I have to configure a GPIO as input that will continuously monitor the GPOUT for low battery indication right?
Then in case I want to exit the fuel gauge from SHUTDOWN state I have to re-configure the GPIO as output and tonggle the GPOUT, right?
Is this how it works?

Thanks in advance
Nick