Lloyds share price is marginally up on the day but lacks bullish solid momentum. This follows the decision of the bank to shutter 44 branches as it seeks to streamline its operations and align with its new digital banking pathway.
The decision has met with criticism from local unions. Lloyds banking group said it was shutting the branches as physical customer visits were dropping off. Union Unite says that the bank’s branches were providing essential services to the local communities. National Officer of Union Unite Caren Evans questioned how the decision to close the branches tallied with the bank’s pandemic mantra of “Helping Britain Recover.”
As part of the fallout from the pandemic, several banks are closing branches they deem expendable as they seek to cut costs and align with leaner and more efficient banking models.
Lloyds share price found support at the 46.615 price mark earlier in the week. This support level remains intact, and a price bounce here could allow the bulls to aim for the 48.125 resistance level. A continuation of the recovery move follows a break of this area, with 49.205 and 50.435 being the near-term upside targets. The uptrend continues when the price breaks 50.435 to form a new 2021 high.
On the flip side, a breakdown of the 46.615 support leads to a continuation of the correction. This move would target 44.99 and 43.845 along the way. 42.99 and 42.01 could also be downside targets if the correction is more extensive.
