UNEXPECTED 1.2% decline in US May retail sales stands in the way of the risk rally as well as $1.21 barrier. GBPUSD breaks below $1.46 trendline to call up $1.4520. The risk is for an extension of the losses towards $1.4480. USDJPY remains near its session highs of 91.70s, but the pair is known to deteriorate in the event of deepening risk aversion, especially that is caused by US data and not by European-related events. Watch 91.20 target