Published by Zeb BhamThe pound is under further selling pressure in forex trading this morning (June 22nd) after the currency tumbled in yesterday's session.Ahead of chancellor George Osborne's first Budget speech later today, the pound was exposed to selling pressure, although FX Tech Strategy anticipates a bias to the upside despite these pressures.The Conservative chancellor has warned of sharp spending cuts across all sectors of the economy, with public sector cuts expected to be matched by higher taxes.Both the Tories and the Lib Dems have criticised the former Labour government for excessive spending, and following the election both parties vowed to send a strong message to the markets that they would not shy away from dramatic cuts.Speaking to the Wall Street Journal, Stuart Thomson, a government-debt investor at Ignis Asset Management, said: "George Osborne faces a danger, caught between not cutting enough for the markets and cutting too much for the long-term health of the economy."For more information of foreign exchange treasury services and risk management, visit our Corporate FX site