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Isn't it the opposite?

If it costs $1.50 to buy 1 GBP, therefore $1.50/1GBP, and then the exchange rate changes such that now it costs $1.00 to buy 1GBP or $1.00/1GBP (or alternatively, $1.50 / 1.50GBP), effectively the "Y" has gone up, but "Y" has depreciated because it's cheaper to buy now.

Or did I misunderstand your explanation?

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