Consider a U. S. firm with payables of GBP 375,000 in 41 days. It hedges this position using a CME GBP futures contract maturing in 90 days. The futures contract size is GBP 62,500. A financial analyst notes that the GBP futures contract tends to change by USD 0.0075 in response to a USD 0.01 change in GBP. Calculate the number of futures contracts required for a hedge. Indicate whether the futures position is long or short.