Brent Oil Analysis: Potential Price Rise Ahead

As can be seen from the 4-hour time frame, Brent oil is forming the inverse head and shoulders pattern and might have to face resistance at the level of 90 anytime soon. Should the price of this asset break the neckline of this pattern, it might potentially rebound to the broken trendline and rise again. So, let’s observe what might happen next.Currently, gold is testing the resistance area formed between levels 2000 and 2019. The price of gold is likely to drop and gain the required support at the level of 1940.The British pound is testing the level of 1.2600 now. However, the price of this asset might either rebound and drop or break this level and rise. Hence, it would be very important to follow the price movements or candlestick formations around this level to understand whether the asset’s price is going to rise or drop.