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The current price of sterling is already part of the forward price of sterling - i.e. the effect is felt now.
If it weren't, it would be possible to arbitrage the difference, and make free money.
To answer your question, though - you could do either, if you're trading OTC futures, but more likely you are trading exchange traded futures, where you are paying the equivalent of an option premium up front, and margin calls during the life of the future.
NotThamesWater
Are oil futures paid for on delivery or purchase? If the former, the cost will begin to be felt very soon. If the latter, I have no idea why it won't have already sky rocketed.