IS THIS HEDGE STRATEGIES ARE RIGHT ? FOR FOREX

Company is UK based
Receipt of $500,000 in 4 month

Futures

$/£ = 1.2 – 1.6 (indirect code)
£/$ = 0.633-0.625 (direct code)

Contract size = $100,000
Contract size = $62,500

Options
Ex price 1.6 Ex price 1.5

SOLUTION
FUTURES

Hedge strategy (if contract size is in foreign currency)
Now company is facing downside risk that dollars may depreciate against pounds in 4-month time. And contract size is given in dollars so we will “sell futures contract now”

Hedge strategy (if contract size is given in local currency)
Now company is facing downside risk that dollars may depreciate against pounds in 4-month time. And contract size is given in local currency so we will “buy future contact now “

Options

Hedge strategy (if contract size is in foreign currency)
Now company is facing downside risk that dollars may depreciate against pounds in 4-month time. And contract size is given in dollars so we will buy “PUT option now “AT EX PRICE OF 1.6

Hedge strategy (if contract size is given in local currency)
Now company is facing downside risk that dollars may depreciate against pounds in 4-month time. And contract size is given in local currency so we will buy “CALL option now “AT EX PRICE OF 1.6

Company is UK based

PAYMENT of $500,000 in 4 month

Futures

$/£ = 1.2 – 1.6 (indirect code)
£/$ = 0.633-0.625 (direct code)

Contract size = $100,000
Contract size = $62,500

Options
Ex price 1.6 Ex price 1.5

SOLUTION
FUTURES

Hedge strategy (if contract size is in foreign currency)
Now company is facing downside risk that dollars may appreciate against pounds in 4-month time. And contract size is given in dollars so we will “buy futures contract now”

Hedge strategy (if contract size is given in local currency)
Now company is facing downside risk that dollars may appreciate against pounds in 4-month time. And contract size is given in local currency so we will “sell future contact now “

Options

Hedge strategy (if contract size is in foreign currency)
Now company is facing downside risk that dollars may appreciate against pounds in 4-month time. And contract size is given in dollars so we will buy “CALL option now “AT EX PRICE OF 1.6

Hedge strategy (if contract size is given in local currency)
Now company is facing downside risk that dollars may appreciate against pounds in 4-month time. And contract size is given in local currency so we will buy “PUT option now “AT EX PRICE OF 1.6

(John, sorry for this long questions but i want to clear that all these strategies are right ? and help me in gain full marks in hedge strategy ?)