Barclays share price faced a 1.7% dip on Friday as the markets reacted to mixed GDP results of the UK economy. According to published data, the month-over-month GDP figure rose to 0.2%, as compared to 0.1% in the year prior. At the current moment, Barclays shares are now priced at 134.8p and are down 2% from their weekly high.
The UK stocks are not having a good time as the FTSE 100 index slid 1.7% on Friday. This kept the price action of most shares in the negative.
Recently, Barclays refused to rule out its job cuts strategy, which is part of its cost-saving plan to increase profitability. In the year 2023 alone, the shares of this British bank have lost over 15%.
After the release of its recent financial results in October, LON: BARC dipped into the 128p-132p demand zone. This demand zone had been accurately predicted in my multiple previous forecasts. Moreover, the prediction of a bounce from this demand zone also materialized last week, with the price recovering by 5.53% last week.
Barclays share price forecast may take a bearish route if the price finds acceptance below 128p, leading to an inevitable retest of 89p. For a more bullish outlook, the price has to first reclaim the bottom of the 143p-180p range. In this scenario, the first target will be a retest of the 200 MA which lies at 154.8p.
This post was last modified on Nov 10, 2023, 17:17 GMT 17:17