I'll chime in as a long time horse rider and short time cycler.
I would never dream of taking a horse out on the road unless I was sure he and I could handle whatever strange thing came down the road. I also make sure I have and "exit" from the road if my horse does spook. Unfortunately not everyone has common sense so be prepared and alert. As a rider I would move off the road so that both me and the cyclist could remain safe.
Definitely speak out and let the rider and horse know you are approaching them. Err on the side of caution, slow down, and if possible move to the middle or other side of the road. I don't feel that you need to get off and walk your bike unless the horse is losing it. Would the rider expect a motorcycle gang to stop and walk their choppers? If the rider is having a hard time controlling the horse as you ride up on them stopping may be the safest option until the horse is under control and out of the way. I love the rabbit theory but remember this rabbit may fight because the rider has removed the flight option so staying out of kicking range is the only smart thing to do.
It's a huge pet peeve of mine when people take their horses somewhere they cannot safely handle them. A horse on the road should be able to handle all sorts of strange things.
Lora



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