Keeping in mind that this poll actually measures registered voters — a group Obama tends to do better with, while McCain tends to prevail amongst likely voters. Factor in the possibility of a Bradley effect, and Team Obama’s got a real problem on its hands.

If the election were held today, registered voters would be equally likely to vote for John McCain (44%) or Barack Obama (44%), according to the latest Gallup Poll Daily tracking update.

The Aug. 12-14 polling shows a slight dip in Obama’s support, which had ranged between 46% and 48% (averaging 47%) in August. McCain has averaged 43% support among registered voters so far in August. Thus, the closer margin seen in today’s results is due more to movement away from Obama than toward McCain. Twelve percent of registered voters now say they are undecided or supporting another candidate, which is on the high end of what Gallup has measured this year.

That’s not necessarily bad news for McCain — he can still win if Obama gets less support then he does, even if Obama’s previous support transfers to Nader — but it’s not the best news.