Yes I have eliminated EUR GBP, I will be closing that commerce sunday or monday since the pound will likely be rising then when traders choose profit. Following this trade I shall no more be doing EURGBP trading, I eliminating CAD MXN becoming CAD and EM becoming G10 exposure and will be incorporating SEK DKK.
But for co-integrated pairs investing in a hedge is required, but for my other USDJPY alpha, hedge isn't used.