British Pound - one more leg lower or already bottomed?

Being British it is difficult not to be gloomy about one's currency, especially when you look at this chart going back to the global financial crisis. However, while the red count would suggest another leg lower it also suggests that this could be a final leg lower to complete the move. For the sake of an alternative I have included a blue count that suggests the bottom is already in with the bottom coinciding with the 38.2 fib extension of waves (i) to iii). Now which one is it?