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Barclays Share Price Consolidates Before Major Move

Barclays (LON: BARC) share price has been consolidating around a key level for the past few weeks. The growing banking concerns in the US have caused a major sell-off in the shares of major UK banks. The latest Analysis shows that the stock of the British banking giant is gearing up for a major move in the coming weeks.

On Monday, shares of major British banks showed a very negative price action as the FTSE 100 index fell 16 points. The benchmark index was up 30 points in the first half but tanked during the New York session. Consequently, Barclays shares also dropped 0.98%.

Barclays Revamps US Investment Banking Business

As per the latest Barclays news, the CEO intends to revamp its investment banking business in the US. CEO, C.S. Venkatakrishnan recently held a meeting with the US investment bankers to address the recent changes in the management. This follows a similar but smaller meeting held last month.

In other news, Barclays has partnered with the global payments infrastructure provider, TransferMate. The partnership will enable Barclays clients to receive payments in 60+ currencies into their GBP accounts. The evolving banking crisis in the US has also affected the Barclays share price.

Barclays Share Price Eyes Another Drop

The stock has been trading within the same range for many months. A look at the LON: BARC chart depicts that the shares have made a lower low on the daily timeframe. This confirms the breakdown of the bullish market structure. In the coming days, the stock may retest the range low of 142p, which is also a major support.

This will also mark the retest of the range lows, and a bounce can make Barclays share price forecast very bullish. I expect a strong bounce from the range lows of 142p, but it is too soon to call such a move. At the moment, the biggest resistance is the reclaim of the range mids that lie at 158p.

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Barclays share price chart