Xcode 4 - "Archive" is greyed out?

I would like to archive my application, but the Archive option is greyed out. What could cause this?

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Solution

You have to select the device in the schemes menu in the top left where you used to select between simulator/device. It won’t let you archive a build for the simulator.

Or you may find that if the iOS device is already selected the archive box isn’t selected when you choose “Edit Schemes” => “Build”.