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just a quick one as i'm a little confused here (don't think it's mentioned clearly anywhere in schweser)
when you are buying a 1-year forward rate of $1.5/gbp, are you:
1. securing the rate of $1.5/gbp in 1 year's time to sell gbp or buy gbp.
2. securing the rate of $1.5/gbp in 1 year's time to buy gbp with USD in hand.