oicur12
Yes and no.
In 1940 the GBP was pegged to the USD at 4.03 to 1. This marked roughly the beginning of the USD dominance as the world reserve. In 1949 the GBP was devalued by 30.5% to 2.8 to 1. Again in 1967 the GBP came under pressure and was further devalued by 14.3% to 2.4 to 1. It should be noted that each time the GBP was devalued, quite a few other currencies that were pegged to the USD were devalued by their central banks as well. With the breakdown in the Bretton Woods fixed currency system the GBP was finally floated in the early 1970’s. As with all free floating currencies the GBP has been as low as 1.05 to 1 in 1985 before returning to 2 to 1 in 1990. It has been at roughly 2 to 1 ever since.
So looking at history between 1940 and 1967 the GBP was devalued by the Bank of England by 40.4%. Between the early seventies and 1985 in the free market the GBP lost a further 33.5% from its 1940 value but between 1985 and 1990 it gained value by 90.5% compared to its 1985 low to the USD. So compared to 1940 the GBP is about 50% of its value to the USD.
Today the GBP is the fourth most traded currency behind the USD, Euro and JPY.