Green’s Dictionary of Slang

fave adj.

[abbr.]

(orig. US) favourite.

[US]W. Winchell On Broadway 17 June [synd. col.] Their ‘fave’ news reporter is (ahem!) and Gabriel Heatter is 2nd.
[UK]M. Dibdin Tryst 45: The blood-streaked features of the demon beneath, like in Dave’s fave video.
[UK]Viz June/July 38: Bros are my fave group.
[US]Lerner et al. Dict. of Today’s Words.
[UK]N. Griffiths Stump 125: It’s me fave colour, yellow is.

In compounds

fave rave (n.)

(UK teen) most favoured person, most enjoyable experience, preferred food etc.

[UK]Times 30 July 15: As soon as he was seen on screen he was snatched by the American fan magazine market, always at the ready to replace a current fave rave.
P. Williams Bob Dylan 45: ‘Visions of Johanna’ or ‘Gates of Eden’ or whatever your fave rave happens to be.
D. Mansour From Abba to Zoom 348: Referred to as the ‘Os Bros’ by teenybop magazines, the handsome brown-haired brothers, led by fave rave Donny, wore white-fringed Elvis-like jumpsuits.
[US]A. Steinberg Running the Books 83: What’s ya fave movie?