A couple of things I have come across this morning which I think are very interesting:

1/ the article below about the parliament being consulted re the Brexit. As I have already expressed in other emails, governance is the most pressing issue now for the UK; a debate and a vote in the parliament should soothe the impression that many have that the most basic rules of parliamentary democracies have been averted (hence GBP moving up), and that an unelected bureaucracy (this unequivocally is unelected)  has taken control of the country, its citizens life and assets. Good governance and common sense would require a qualified majority to be obtained to move things further, but it is too late for this now and I maintain that the UK will be labelled as a country with unpredictable and subpar governance for a very long time (S&P put it down very elegantly when it downgraded the country credit rating following the referendum saying that it "lead to a less predictable, stable, and effective policy framework in the UK. We have reassessed our view of the UK’s institutional assessment and now no longer consider it a strength in our assessment of the rating.")

2/Fanuc has finally broken back above the 200-day MA, and rallied. Any international investor - not to mention any UK investor - would already be in profit given the strong performance of the JPY, even if entering the position on the break below the MA. I think it's quite powerful signal, and one worth flagging up.

Eoin Treacy's view

Thank you for sharing your perspective as someone intimately affected by the decision to leave the EU and the potential loss of passporting rights for UK domiciled funds. 

Offering parliament an opportunity to discuss the strategy taken in negotiating the country’s exit from the EU is a wise move because it highlights the deep commitment the UK has to parliamentary democracy and the desire to govern for all the people rather than those who favoured Brexit. If the EU exhibited the same tenacity the question of leaving would be unlikely to have ever gained traction. 

I think it is worth considering that this will be a debate about strategy not a vote on whether to leave the EU but it has at least stabilised the Pound. Nevertheless, the UK needs a weaker currency so it is unlikely to rally enough to break the downtrend. 

Thanks for pointing out Fanuc which has indeed broken an 18-month progression of lower rally highs.