I think we are in a small correction with Running Flat type (blue ABC). It is possible that we can dip to previous low around 1.2400 before upmove resumes. Above 1.2706 (top of blue A) the upside would be confirmed as correction ends there. Overall this is a large countertrend correction and the pound weakness should resume once we are finished with wave Y (yellow).
The price finally confirmed the reversal breaking above the resistance. We got small correction on lower time frame (wave b). The yellow zigzag shows the anticipated path. Now the metal aims at 18.28-19.98 according to Fibonacci projections. Then we should see the larger correction. And then another leg upside, probably the final before the huge drop ...
The main thing - the break below 112.57 (low 18JAN2017) invalidated the previous count. I think we are in abc (blue) correction before another drop down. The blue C can surpass the top of blue A. The break below white support line would confirm the start of another drop down. Targets are between 38.2% (111.99) and 50% (109.93) Fibonacci retracement levels.
Since the price has been rejected for two consecutive attepmts below 17.235 and couldn't close above that level, I think there is a probability of another leg down. Below 15.64 this count would be validated. It's unpleasant for bugs but we shouldn't be biased and trade what we see instead of what we want.
Quite often the first idea in your mind is correct, call it divine providence but it works. So the more I am analyzing corrective structures the better should be labelling ))). So this detailed count of what was seen last September - into related ideas below. The target is conservative at 44 RUB where Y=W.