4. It is January, the GBP/USD exchange rate is 1.72 and the following options and futures prices exist for June: June Futures Price (contract size is GBP 100,000): 1.70 June Options (underlying contract is to buy or sell GBP 100,000 ): You are a speculator and expect the spot rate on expiry in June to be 1.85. Discuss the relative merits of using the futures versus options contracts to speculate on your forecast currency movement. Consider a range of possible future spot rates for GBP/USD and the resulting profits/losses in your answer. 4. It is January, the GBP/USD exchange rate is 1.72 and the following options and futures prices exist for June: June Futures Price (contract size is GBP 100,000): 1.70 June Options (underlying contract is to buy or sell GBP 100,000 ): You are a speculator and expect the spot rate on expiry in June to be 1.85. Discuss the relative merits of using the futures versus options contracts to speculate on your forecast currency movement. Consider a range of possible future spot rates for GBP/USD and the resulting profits/losses in your