I’m not even gonna begin to try and guess what cable is all about. Down to the lows as the budget speech began, up to the highs after its over. I’m afraid I don’t know enough about the vagaries of UK budget to know if there were any surprises. Seems like an awful lot of growth-killing tax hikes (on consumption and capital) that make little sense amid a recessionary global environment. Mr. Market seems to disagree, however, and the pound is soaring. Perhaps the cuts in gilt issuance are the catalyst.
EUR/GBP has slipped below the 0.8300 level triggering stops reported by Gerry. 0.8283 is next support for the cross. 1.4850/80 is resistance on cable rallies.