We are currently long the FTSE 100 which has dropped over the past day on the back of Boris Johnson's appointment and the subsequent strengthening of the pound. The pound strengthened as the market hopes that initial comments by Michel Barnier the European Union's Chief Negotiator would open the door to positive negotiations between the UK and the EU. However, we believe that with the UK set to leave the EU on the 31st of October there will be pressure on sterling in particularly GBP/USD which would be positive for the FTSE100 as a large proportion of profits for FTSE 100 companies are made in dollars. Therefore we are long and will look to add to our long position just above the 7298 Fibonacci level with a view towards starting to take profit above 7700.