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John Boris bought a 3-month GBP futures contract for USD/GBP 1.4400 only to see the USD appreciate to a value of USD/GBP 1.4250 at which

John Boris bought a 3-month GBP futures contract for USD/GBP 1.4400 only to see the USD appreciate to a value of USD/GBP 1.4250 at which time he sold the GBP futures. If each GBP futures contract is GBP 62,500, how much money did Jack gain or lose on his position?

A. GBP 937.50 loss

B. USD 937.50 loss

C. USD 937.50 gain

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