Barclays Share Price Tumbles As FTSE Drops To 2-Month Lows
Barclays (LON: BARC) share price has been trading inside the same trading range as mentioned in my previous article. 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 there can be more downside for Barclays stock.
On Wednesday, shares of major British banks showed a very negative price action as the FTSE 100 index fell for the second consecutive day. The benchmark index had lost 45 points till press time, and Barclays shares were down 2.05%.
Barclays CEO Rings Alarm Bells
According to the latest Barclays news, the bank CEO expects the UK economy to take a hit from high mortgage rates. At the The Wall Street Journal’s CEO Council Summit, C.S. Venkatakrishnanhas said that the median mortgage in the UK might soon rise to 28%-30% of the household income.
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
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. If the 142p level holds, then I expect the shares to have a strong bounce to 176p within the next few months.
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