GBP/USD : Initiated Short @ 1.5486

• Trading rhythm appears to be back on track. Pushing risk to max for short periods while I am in sync with markets.
• Hedged with short USD/CHF (-0.9466) last night at NY close. Unwound hedge (+0.9445) this morning when EUR/USD weak rally seems to be running out of steam.
• Increased Risk Off with a short GBP/USD now, limit up overall.
• Monthly : Large 4th wave triangle (big trend down), downleg of triangle now, which could well turn out to be start of 5th down.
• Weekly : In a very very heavy topping formation now. Close in the low 1.5400s confirms top. This kind of pattern is as bearish as they come.
• Will treat this as a trading position, used as a quick toggle between max Risk Off and prudent Risk Off. Core risk remains short EUR/USD.