Ashes 2013/14: England can make history and win third Test by playing tough cricket
Tourists are favourites to lose but the fat lady isn't singing yet...
Last Updated: 16/12/13 3:34pm
Alastair Cook's side will resume on 251-5 in pursuit of a world-record victory target of 504 in Perth, knowing the Ashes are lost if Australia secure a 3-0 lead.
Former England coach Lloyd admits the odds are stacked against England but told the Sky Sports Ashes Podcast that didn't stop the side of 1981, who famously won at Headingley after bookmakers offered 500-1 against a home victory.
"We're not in that situation but I'd have a touch of 500-1 tomorrow," said Lloyd. "It's no use being all doom and gloom.
"We should lose this Test match, there's no doubt about that, but we've got a day and five wickets - a fella in Ben Stokes who is on 72, another in Matt Prior who has scored 100s before - to push them back. Tomorrow they need 250 to win. I've seen stranger things happen."
England had slipped to 121-4 before Stokes and Ian Bell (60) shared a fifth-wicket partnership of 99 to frustrate Australia's victory push.
Stokes reached his maiden Test fifty with a sumptuous on-drive for four off Shane Watson and Lloyd said that the Durham all-rounder can give the home bowlers a real headache if he produces more of the same on day five.
"It has been a real good fight back from Ian Bell and Ben Stokes," said Lloyd. "I'm particularly pleased for Ben Stokes because he will never have had it as tough as this.
"England needed something from this series. There's every chance that they are going to go down but it was good to see that England made Australia think a bit more.
"That fat lady isn't singing. To keep Australia out in the field England have got to play tough cricket; they've got to be adventurous to put Australia on the back foot and make Michael Clarke think a lot more.
"I watched them walk off the field and they are hurting. Ryan Harris and the fast bowlers have had enough for today.
"England have got five wickets to get 250. We don't know what this pitch is going to be like - it looks awful but in truth it's not done that much. We've said that all the way through!"
After the close of play, Bell told Sky Sports that Prior and Stokes are ready to "scrap it out", adding that England could bat out the day "with a bit of luck".
Lloyd echoed that sentiment, adding: "They've got a night to sleep on it. They are 250 behind - that means they need 250 to win and they've got all day - 90 overs.
"The run-rate on this ground is a natural 3.50-plus; that's not a problem. England have got to build partnerships and they've got to be really tough.
"The way that Bell has played and the way that Prior can play - and the way that Stokes is doing - means that if they can keep Australia out there for as long as possible they can push them on the back foot and see where it gets them."
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Watch highlights of today's play on Sky Sports 2. Our coverage of the fifth and final day of the third Test begins at 2.25am on Tuesday morning.