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A global investor gathered information on currencies and interest rates in France and the United Kingdom as shown below: Discrete risk-free rate (France) 6.00% Discrete

A global investor gathered information on currencies and interest rates in France and the United Kingdom as shown below:

Discrete risk-free rate (France) 6.00% Discrete risk-free rate (United Kingdom) 4.00% Spot exchange rate per British pound 1.27 Market price of a 90-day futures contract on GBP () 1.28

As part of a possible arbitrage strategy:

Indicate whether to sell (short) or buy (long) the futures contract:

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