US: Biden Approval Rating Moves Lower As Gas Prices Rise
President Joe Biden has seen his approval rating dip following a month of steadily increasing retail gasoline prices.
- In remarks at the White House earlier today Biden noted that rising gas prices were boosting Republicans in polls but said he believed that the measures his administration has taken to reduce gas prices will be reflected in polling in coming week.
- Biden: "The back and forth. Them ahead, us ahead. Polls have been all over the place. I think we're going to see one more shift back to our side in the closing days. Let me tell you why I think that. We are starting to see some of the good news on the economy. Gas prices are down sharply in 46 of 50 states because of what I've been doing. We're moving in the right direction and there's more to come."
- Biden's approval currently sits at 42.4% on RealClearPolitics, down from 43.4% last week.
Chart 1: President Joe Biden Job Approval (RealClearPolitics)
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EURGBP TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 0.8852 50.0% retracement of the 2020 - 2022 downleg
- RES 3: 0.8840 High Feb 2
- RES 2: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
- RES 1: 0.8788 High Sep 19
- PRICE: 0.8721 @ 16:39 BST Sep 21
- SUP 1: 0.8711 Low Sep 21
- SUP 2: 0.8647 20-day EMA
- SUP 3: 0.8569 50-day EMA
- SUP 4: 0.8522 Low Aug 30
EURGBP is consolidating and holding on to its recent gains. The short-term outlook remains bullish. Last Friday’s rally confirmed a break of key resistance at 0.8721, the Jun 15 high and an important bull trigger. The climb resumes the bull cycle that started early March and opens 0.8811 next, a Fibonacci projection. On the downside, initial firm support is seen at 0.8647, the 20-day EMA. A pullback would be considered corrective.
US: FED Reverse Repo Operation: Second Highest on Record
NY Fed reverse repo usages climbs to $2,238.840B w/ 102 counterparties vs. $2,238.840B prior session. Nearing record high that still stands at $2,329.743B from Thursday June 30.
NY Federal Reserve/MNI
GBPUSD TECHS: Fresh Cycle Lows
- RES 4: 1.1810 50-day EMA
- RES 3: 1.1783 High Aug 29
- RES 2: 1.1588/1738 20-day EMA / High Sep 13 and key resistance
- RES 1: 1.1461 High Sep 20
- PRICE: 1.1335 @ 16:33 BST Sep 21
- SUP 1: 1.1305 Low Sep 21
- SUP 2: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing
- SUP 3: 1.1200 Round number support
- SUP 4: 1.1153 1.764 proj of the Jun 16 - Jul 14 - Aug 1 price swing
GBPUSD has once again resumed its downtrend. The reversal lower last week reinforced bearish conditions and the continued weakness maintains the bearish price sequence of lower lows and lower highs, signalling scope for a continuation. Note that moving average studies are in a bear mode set-up too. The focus is on 1.1324, a Fibonacci projection. Key resistance is 1.1738, Sep 13 high.
