Correct, high draft is lower pressure.
A manometer is also called a U tube gauge, or slack tube gauge. (I'll dig mine out so others can see the simplicity of the instrument - I used a board with 1 inch graduation marks up and down each side. It had a hook on the top to hang it, and partially filled the tube with water to the bottom or zero line. I used that to check gas pressure for many years until buying a mechanical gauge. Later I bought a Dwyer slack tube gauge that is essentially the same thing as my home made U tube to calibrate the mechanical gauge.)
The tube is a glass, or clear vinyl tube you can see through. Bent in a U shape at bottom, and inch graduations up each side. Water placed inside the tube will be level on both sides since the same atmospheric pressure is pushing into each end. This water level line is 0 on the gauge. (or atmospheric pressure when measured as absolute) By making inch graduations from the water level up both sides, when a pressure or suction is applied to either end, the water moves down the pressure side, and up the suction side. Both measurements are added together for the total water displacement. So a drop on one side of 1/2 inch and rise on the other of 1/2 inch = 1 inch of water column. It will always be the same on each side of vertical tubes.
For measuring low pressure below 1 psi this is more accurate than a pressure gauge. As an example, working LP gas pressure in a supply line is about 11" W.C. or about 1/2 psi. That is less than your breath, so below the minute pressures found in a chimney you won't see the level change on a slack tube or U tube gauge. Geometry is used in the U shape to accentuate the curve so you can see it instead of measuring directly vertical.
One end of the tube is left open to "sense" the pressure of the atmosphere outside the chimney or stove. The other end is inserted in the chimney, pipe or stove. (perpendicular to the flow) If there is some draft, pressures will be unequal on the two sides of the U tube. In America, the inches of water refers directly to this height difference. Since the difference in water level is too small to be seen on a U tube level gauge, different geometries are used to amplify this visual affect. (the strange looking curve of the water column)
Pressurizing the open end in the building will push the water down on the open, or pressure side, and raise the level on the chimney, or negative side, resulting in a "higher" draft reading, or lower pressure in the chimney compared to the building.