Which of the statements below is FALSE?

Select the correct answer

1. The opportunity to make a profit without risk by exchanging three currencies is known as triple arbitrage.
2. When cross rates are out of line, there can be an arbitrage opportunity.
3. Exchange rates vary from one day to the next.
4. Even if you could not do a direct exchange between pounds and yen, you could convert pounds to dollars and then dollars to yen and ultimately end up changing pounds into yen.