GBP/USD looking to the upside - elliott wave analysis

EUR/USD now comes under some mild downside pressure amid modest gains in the US Dollar, revisiting the 1.1720 region, or daily lows, as investors continue to assess the latest interest rate decision by the Federal Reserve, while gearing up for upcoming Fedspeak.

Poor results from the UK calendar hurt the British Pound at the end of the week, sparking a correction in GBP/USD to the area below the 1.3400 support, hitting daily lows at the same time. Next of note across the Channel will be the BoE meeting on December 18.

Gold picks up renewed upside traction and advances to multi-week highs north of the $4,300 mark per troy ounce, backed by prospects of further interest rate cuts by the Fed in the next year. The precious metal’s uptick comes despite the firmer Greenback and rising US Tresury yields.

Litecoin (LTC) price steadies above $80 at press time on Friday, following a reversal from the $87 resistance level on Wednesday. Derivatives data suggests a bullish positional buildup while the LTC futures Open Interest declines, flashing a long squeeze risk.

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.