Does anyone have idea on the sudden decline of GBP against USD in the second half of 2008? How long do you think it will take for the UK to recover to that level?

On 16th Nov 2007, 1 GBP=2.05 USD which is impressive.

After August 2008, the GBP value suddenly declined and it seems to be struggling “ever since then.”

Or maybe I am wrong. 2007 seems to be the year when the UK currency was performing well.