The exchange rate of the British Pound against the dollar since the global financial crisis has followed

Question:

The exchange rate of the British Pound against the dollar since the global financial crisis has followed this path:

Average for month:

GBP per $US



Mar-08

0.4995

Mar-09

0.70607

Dec-14

0.63779




Is this evidence of overshooting? If not, why not? If yes, is it an indication that the Dornbusch model may be correct i.e. a good explanation of how exchange rates behave?

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...
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