Barclays’ share price rose on Friday, following the Bank of England’s decision to increase interest rates by 25 basis points on Thursday. Higher interest rates tend to benefit bank stocks, as they improve returns on money market investments, including Treasuries and loans. This is the second gain for Barclays in the past seven trading sessions.

However, the stock has faced downward pressure recently, partly due to the Bank of England’s announcement that UK banks are no longer considered “too big to fail.” As a result, the central bank plans to implement resolvability assessments for major UK banks.

Friday’s rise was somewhat tempered by news of the departure of Nat Tyce, head of Macro Trading for EMEA and Asia-Pacific. Tyce, who spent 25 years at Barclays, is credited with transforming the trading division into a strong performer.

From a technical perspective, the recent uptick may lead to the formation of a bullish harami pattern, though it would require confirmation from a bullish outside day candle. Several institutional analysts have set a price target of 237.89p for Barclays, implying a potential upside of 51.25%.

The intraday rise has preserved the 156.92 support level and formed the bullish harami pattern. Confirmation of this pattern would set the next price target at 161.62p. A continued upward movement could lead to further gains, with the next resistance at 167.86p (the high from March 4 and low from June 8).

Beyond this, potential targets include 177.34p (the high from March 17) and 186.14p. On the downside, if the 156.92 support fails, the stock could decline toward 151.12p, with additional support levels at 147.48p (the lows from April 29 and May 13), and 140.80p (the low from April 7, 2022).