Suppose England's real exchange rate relative to the United States was 1.32. What does this mean? Is

Question:

Suppose England's real relative to the United States was 1.32. What does this mean? Is there an opportunity to arbitrage the markets? If so, explain how; and if not, explain why not.
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...