Forex: GBP/USD: Pound weakens further; below 1.5930 session high

Tue, Oct 6 2009, 11:06 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound continues trading lower after its reversal from 1.6050, and the pair has dipped below intra-day low at 1.5930 to levels right above 1.5900 at the time of writing.

Support levels, at the moment, lie at 1.5880 and below there 1.5770 (Sept 28 low) and 1.5755. On the upside, resistance levels remain at 1.6005/20, and above here 1.6050 intra-day high and 1.6125 (Sept 30 high), and 1.6200.

According to Stoyan Mihaylov, technical analyst at Deltastock.com, a clear break below 1.5900 could kick up a sell off towards 1.5766: "A clear break below 1.5901 is to be expected and it will initiate a massive sell-off for 1.5766, en route to 1.5352. The intraday bias is already negative with the recent break below 1.5961, so expect current rebound above 1.5937 to be corrective in nature and to give an entry point for the next leg downwards, to 1.5834."

EU Sets Rules For Electronic Payment Of Road Tolls Across EU

EU Sets Rules For Electronic Payment Of Road Tolls Across EU

BRUSSELS -(Dow Jones)- The European Commission Tuesday established rules to encourage a single system for electronic toll payments on European Union roads.

Several E.U. countries use electronic payments on toll roads, but these systems generally aren't useable across the bloc's borders, according to the commission, the E.U.'s executive arm.

A road trip to Denmark from Portugal requires five or more on-board units on a vehicle's dashboard, the commission said.

In the U.S., by contrast, E-ZPass, an electronic toll-payments system designed to link New York, New Jersey and Pennsylvania, now works with toll roads in 11 other states.

The commission wants a single E.U. system in place for heavy trucks and passenger buses within three years, with wider availability for passenger cars within five years.

"The European Electronic Toll Service will enable road users to easily pay tolls throughout the whole European Union thanks to one subscription contract with one service provider and one single on-board unit," European Commissioner for Transport Antonio Tajani said in a statement.

-By Adam Cohen, Dow Jones Newswires; +322 741 1486; adam.cohen@dowjones.com

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(END) Dow Jones Newswires

October 06, 2009 07:12 ET (11:12 GMT)