The pound is under-performing badly on the crosses this morning in the wake of the budget speech from Darling and lingering worries over the UK’s creditworthiness (at AAA rates, that is). Important resistance lies at 0.9090/95 in the cross and again up at 0.9115.
As is so often the case, traders have been badly whipsawed in EUR/GBP today, as it tumbled in the midst of the Darling speech, breaking support at 0.9015/20, only to immediately reverse course. Long-time readers know my feeling on trading the pound… it is a mental health hazard of unparalleled proportions.
