Here's how to retract your bid:
1. Click the "site map" link at the bottom part of the page.
2. Click the "Bid Retractions" link located under the "Buying Resources" heading near the bottom of the left-hand column. You may be asked to sign in.
3. Enter the item number, and select the reason for retracting your bid.
4. Click the "Retract bid" button.
You can find more information about retracting a bid here:
http://pages.ebay.com/help/buy/bid-retract.html
But please be sure that there is still more than 12 hours before the listing ends because if there is less you will no longer be able to retract the bid.
But you can only retract bids and not buy it now items. With regard to buy it now items, you will need to contact the seller and ask the seller to file the cancel transaction dispute.
Hope this helps. :)
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