Barclays Share Price Gains Momentum Ahead Of BOE Decision
Barclays (LON: BARC) share price is currently consolidating around the middle of the 140p-178p trading range. The shares of the British bank have been steadily rising from their August lows and are now sitting 17.5% above the lows. It currently stands at 160.34p, up 0.67% till press time.
UK stocks are rising as bullish sentiment prevails in the market. The indices like the FTSE100 showed a remarkable 59-point gain on Wednesday. However, some caution is needed as the FOMC meeting today and the Bank of England meeting tomorrow will keep the price action volatile for the rest of the week.
Barclays Expected To Make 450+ Job Cuts
On 12th September, The British labor union, Unite, revealed that Barclays will soon cut more than 450 jobs. The union criticized this move and made plans to meet the CEO of Barclays to avoid downsizing. Unite also offered complete cooperation with Barclays if the employees were given retraining and redeployment opportunities.
In other news, Barclays and AGL Credit Management announced a partnership where they would invest in the private credit market. The partnership is expected to invest $1 billion as starting capital and is expecting to compete with private credit funds while targeting retail investors in the US.
Barclays Share Price Hits My Target
In my previous analysis for LON: BARC, I accurately predicted a retest of the 160p level, which is the middle of the current trading range. The chart below also reveals the price is now trading 0.9% above the 200 MA, which is a sign of strength.
The Barclays share price forecast will flip bullish if the price gains strength above the 160p range mid. In this case, I expect the price to rally 11.4% towards the range high, which lies at 178p in the coming weeks. The invalidation of this move will be a break below 160p and acceptance below the 200 MA level.
In the meantime, I’ll keep sharing the updated Barclays stock forecast and my personal trades on my Twitter, where you are welcome to follow me.