Today, the main fundamental factor for the pound was the UK retail sales data. Retail sales dropped at the rate of -0.2% in June, missing a projection of a 0.4% growth. The GBP/USD was on its way to break the high on the month at 1.5675. However, after the retail sales data, it fell sharply and continued to fall during the US session, where we saw strong US jobless claims data.GBP/USD 4H Chart 7/23(click to enlarge)The latest jobless claims print in the US was 255K, a low not seen since 1973, besting forecasts around a 285K reading. Although the dip can be attributed to both the UK and US data, I would put more emphasis on the US data. The poor retail sales data is not a trend, and could be a one-off thing, while he jobless claims data for the US is part of a trend of improving jobs market. The FOMC has said that it wants to make sure that the job market continues to improve before it raises rates. The current bearish reaction is poised to test the 1.5450 support pivot. Then, if a subsequent pullback holds under 1.56, we should maintain a bearish outlook for the GBP/USD towards the 1.54 handle.GBP/USD Daily Chart 7/23(click to enlarge) The daily chart shows cable trading in a triangle pattern. This week's price shows that it is not ready to break upwards for a bullish continuation scenario. To the downside, GBP/USD will a need to break below 1.54 to look like a bearish breakout. That would put the lows just under 1.52 and 1.51 in sight.I admit, in the past couple of weeks, price action has been convincing me that GBP/USD still has more upside. But after today's reaction, I am shelving that bullish outlook and leaning towards the bearish scenario, with a lot of attention on that critical 1.54, triangle support.