In March 2020, Karl took a long forward position for 80 million British Pound in 3 months, i.e., June 2020, at the price of $1.5 per British Pound. Your counterparty is an international trade company.

In June 2020, the dollar market price of British Pound (i.e., exchange rate between British Pound and US dollar) was $1.2 per British Pound. What did the forward contract obligate Karl to do in June 2020?

Group of answer choices

A. Sell 80 million British Pound at the price of $1.5 per British Pound.

B. Buy 80 million British Pound at the price of $1.2 per British Pound.

C. Sell 80 million British Pound at the price of $1.2 per British Pound.

D. Buy 80 million British Pound at the price of $1.5 per British Pound.