GBP/USD Price Analysis: Bears are flexing and eye 1.2620

EUR/USD stabilizes near 1.1650 on Friday after facing a rejection once again near seven-week highs. The pair, however, continues to draw support from persistent US Dollar weakness, despite a cautious market mood. Traders now await the US September PCE inflation and UoM Consumer Sentiment data. 

GBP/USD sticks to a positive bias near 1.3350 in the second half of the day on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation and sentiment data due later in the day. In the meantime, broad-based US Dollar weakness helps the pair stay afloat. 

Gold gains some positive traction on Friday and trades in the upper half of its weekly range. Dovish Fed expectations continue to undermine the USD and lend support to the commodity. Bulls, however, might opt to wait for the US PCE Price Index before placing aggressive bets.

Bitcoin is steadying above $91,000 at the time of writing on Friday. Ethereum remains above $3,100, reflecting positive sentiment ahead of the Federal Reserve's (Fed) monetary policy meeting on December 10.

Fed rate cut widely expected; dot plot and overall meeting rhetoric also matter. Risk appetite is supported by Fed rate cut expectations; cryptos show signs of life. RBA, BoC and SNB also meet; chances of surprises are relatively low.

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs.