Which one of the following four statements about the relationship between exchange rates and option...

As the dollar appreciates relative to the pound, the right to buy dollars at a fixed pound exchange rate decreases.

As the dollar appreciates relative to the pound, the right to buy dollars at a fixed pound exchange rate increases.

As the dollar depreciates relative to the pound, the right to buy dollars at a fixed pound exchange rate increases.

As the dollar appreciates relative to the pound, the right to sell dollars at a fixed pound exchange rate increases.