A speculator in February thinks that the GBP will strengthen relative to the USD over the next two months and prepare to speculate GBP 250,000. He can purchase GBP250,000 in the spot market at the price of USD2.0470 in the hope that the GBP can be sold later at a higher price or can take a long position in four CME April contracts in GBP at the price of USD2.0410 . The initial margin requirement is assumed to be USD 5,000 per contract. Suppose that the exchange rate rises/falls to USD2.1/2.0 in April