Lloyds Share Price Drops As Report Claims Bank Workers At Risk of Infection

A Reuters report cites a bankers union as claiming that thousands of bank staff could be at risk of undetected coronavirus infection, as some of the UK’s biggest banks (including Lloyds Banking Group) have asked staff to put away phones in lockers when working. The union says this action makes the country’s coronavirus tracing app unavailable for use by bank staff, putting them at risk of infection. 

Lloyds share price dropped on the day after investors reacted negatively to a report which claimed that TSB and Lloyds Banking Group were among banks that were asking workers to deactivate the Track & Trace app of the NHS while keeping their phones locked. 

It is standard banking practice in many countries to ask bank workers to deactivate phones while at work to avoid using them to capture and store sensitive data while working. However, this does not appear to be more of a discretionary than a compulsory action in the UK.

On Friday, Reuters reported that the UK had 13,864 new confirmed coronavirus infections, following Thursday’s increase of 17,540. Eighty-seven persons who had tested positive in the last 28 days died on Friday, the report further added. 

Lloyds share price is down 0.53% on the day, but Lloyds share price remains higher for the week by 3.79%.

Technical Outlook for Lloyds

Lloyds share price has formed a pinbar, which sits on top of the channel’s return line on the weekly chart as the pair aims to overcome the 27.74 former support-turned-resistance.

On the daily chart, the price bars for Thursday and Friday are forming a dark cloud cover pattern, but the price needs to close for the day to confirm the validity of this pattern. If indeed we have a dark cloud cover, there could be some follow-through selling which initiates the pullback towards the 27.47 support. A bounce on this support could then target the 29.765 resistance, with 31.250 and 32.950 forming additional targets to the north. 

On the flip side, a decline which breaks down 27.740 targets the 25.875 support, with 24.745 and 22.700 price levels lining up as potential support levels.

Lloyds Share Price Chart (daily)