Suppose spot rate on April 1 is 1.785/£. Pound futures contract is sold at $ 1.790 for June delivery and at $ 1.785 for September delivery. Expecting that pound will depreciate fast after June, a...

Suppose spot rate on April 1 is 1.785/£. Pound futures contract is sold at $ 1.790 for June delivery and at $ 1.785 for September delivery. Expecting that pound will depreciate fast after June, a speculator buys the former and sells the latter. Later he finds that pound may appreciate by June but may not depreciate subsequently. So he reverses the two contracts respectively at $ 1.78 and $ 1.76. Suppose the exchange rate on both the maturity dates is $ 1.795/£. Find how much the speculator gains/loses.