Barclays’ share price dropped by 1.7% on Friday as markets responded to mixed UK GDP data. According to the latest figures, the month-over-month GDP growth rose to 0.2%, compared to 0.1% in the previous year. Barclays shares are currently trading at 134.8p, down 2% from their weekly high.
UK stocks, in general, struggled, with the FTSE 100 index falling by 1.7% on Friday, keeping most stocks in negative territory.
Recently, Barclays did not rule out potential job cuts as part of its cost-saving measures aimed at boosting profitability. So far in 2023, the bank’s shares have lost more than 15% of their value.
Following its financial results released in October, Barclays’ share price dipped into the 128p-132p demand zone, a move that had been accurately forecasted multiple times. Last week, the stock bounced back from this zone, recovering by 5.53%.
If the share price drops below 128p, it could signal a bearish outlook, potentially leading to a retest of the 89p level. On the other hand, a more bullish scenario would require the price to regain the lower end of the 143p-180p range. In that case, the first target would be a retest of the 200-day moving average at 154.8p.