Lloyds share price is among the best performers in the FTSE 100 today. The LLOY shares have jumped by more than 2.40%, making them the fourth-best performers after Anglo American, Evraz, and BHP Group.
Lloyds and other UK banks like Barclays, NatWest, and Standard Chartered are rising ahead of an important testimony by Andrew Bailey, the Bank of England (BOE) governor. He will testify before the Treasury Select Committee later today.
In it, he will talk about the decision the bank made yesterday when it decided to leave interest rates unchanged. Also, while he warned banks to prepare for negative rates, he said that they were not necessary at this point. Therefore, the shares are possibly rising in anticipation of this testimony.
Also, the shares are rising ahead of bank earnings later this month. Lloyds Bank will deliver its full-year results on February 24. And analysts believe that its results will be relatively strong, which could prompt the bank to talk about its dividends.
LLoyds share price forecast
On the four-hour chart, we see that the Lloyds Bank share price jumped today to a high of 38.2p, which was the highest level since December 29. This price was also slightly below the resistance level at 40.0p, which was the highest level on December 24. It is also above the double-bottom of 31.90 and is slightly above the 25-day and 15-day exponential moving averages.
Therefore, in my view, I suspect that LLOY will continue doing well in the near term as bulls aim for the resistance at 40p. Read my previous forecast of LLOY, in which I accurately predicted that the shares would dip to about 31.90p.
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LLOY shares chart