Lows show some rejection/support buying.
The GBPUSD fell sharply - helped by weaker retail sales. The fall took the price toward a lower trend line on the daily chart below. That line came in at 1.2943. The low reached 1.2957. Not right on the level, but there was some hesitation.
On the hourly chart, the pair fell below its lower trend line but failed on the very next bar.
Buyers trying to find a bottom.
The move off the low has the pair looking toward the 1.3009 low from yesterday's trading. A move above that level should solicit more buying.
Right now, there was some reason to cover some shorts, but the corrective move is still short of declaring a full victory. A move above the 1.3009 level would tilt a little more to the upside. It would also bring back memories of yesterday when the price fell sharply in the London morning session on the weaker CPI, only to rebound in the NY session (and into the close).