BONDS: EGBs-GILTS CASH CLOSE: Broad Post-US Election Rally As Energy Sinks

Pollster G. Elliot Morris at Strength in Numbers writes on Substack, “For the first time in our monthly polling here at Strength In Numbers, a majority of Republicans and Republican-leaning independents disapprove of Donald Trump’s handling of prices.”

• Morris notes, “Trump and Republicans are uniquely vulnerable on prices. The diesel price hikes make inflation even more salient for everyday Americans… It is unlikely that anxiety about prices, and backlash against Trump’s handling of the issue, would only impact the president. This all may be hurting Republican nominees for the Senate.”

Figure 1: “Trump Approval with Republican fell as Diesel hit new highs”

Source: G. Elliot Morris 

• RES 4: 1.3599 High Aug 28
• RES 3: 1.3568 High Sep 9 
• RES 2: 1.3412 50-day EMA
• RES 1: 1.3311/1.3338 High Sep 30 / 20-day EMA
• PRICE: 1.3215 @ 16:17 BST Oct 05
• SUP 1: 1.3181 Low Oct 01
• SUP 2: 1.3140 Low Jun 24 and a key M/T support
• SUP 3: 1.3096 Low Nov 25 ‘25
• SUP 4: 1.2984 50.0% retracement of the Jan 13 ‘25 - Jan 27 bull leg  

The trend structure in GBPUSD remains bearish. A fresh cycle low on Thursday confirmed a flag formation - a bearish continuation signal that reinforces current trend conditions - on the daily chart. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for an extension towards 1.3140, the Jun 24 low and the next key support. Resistance at the 20-day EMA is at 1.3338.           

ISM Services survey chief Steve Miller discusses the October sector outlook. - On MNI Policy MainWire now, for more details please contact sales@marketnews.com.