Where to now for the pound?

The pound seemed to like George Osborne's emergency Budget. On Tuesday morning it was standing at $1.47. By mid-afternoon yesterday, it was above $1.49. The surprise news that one of the nine members of the Bank of England's interest rate-setting committee had voted for a quarter-point rate rise last month helped, of course. But the fact is, the pound has been rallying since mid-May. That's when news started to leak about the government's austerity plans.