• Cable dips to 1.3481 after much worse than expected UK May retail sales data

• Down 2.7% MM vs minus 0.5% forecast; down 1.3% YY vs up 1.7% forecast

• 1.3500 was Asia high, after safe-haven USD weakened on Trump's Iran hedge

• White House: Trump to decide on US action in Israel-Iran war within 2 weeks

• 1.3383 = 1-mth low 24 hrs ago as safe-haven USD rose on weekend action risk

• Trump says Fed rates should be 2.5 percentage points lower

GBPUSD

(Robert Howard is a Reuters market analyst. The views expressed are his own)