FTSE 100
Lloyds share price has had an uneventful start to the week as it is trading flat. But while this is happening, Lloyds banking group continues to make further strides outside of the FTSE 100.
As more companies embrace contactless forms of transactions as a result of the coronavirus pandemic, Lloyds Banking Group and Nationwide have become part of the investors for cloud-native payments technology platform Form3. Form3 is a payments solution for banks and fintech companies and has been able to attract a 33 million pounds investment from Nationwide and Lloyds Banking Group. Form3 has seen a 160% jump in revenue from its recurrent income, and this investment could help Lloyds Banking Group diversify its portfolio even further, helping it cushion the shocks suffered by its core banking business.
Lloyds share price is trading in the range formed by the 29.765 and 27.470 price levels, acting as the ceiling and floor respectively. Price is longing for more significant momentum to see an exit from this range. Increase in buying pressure which leads to a breakout above the ceiling targets 31.25 (July 2020 high), with 32.95 and 34.77 serving as further targets to the north.
On the flip side, a breakdown of 27.47 allows Lloyds share price dip further towards the 24.745 support, with 22.70 lining up as a further target if the decline below the floor of the range is extended.
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