Order of execution in shell echo to psql

I issue the following command to the shell:

echo '\o file.txt \\ select * from table_name limit 10  \o ' | psql --
host 'localhost' --port 5432 --username 'johngage' 'database_name'

I expect the results to be redirected to file.txt because that is the
meta-command immediately preceeding the query.

In fact, the results go to stdout, obviously on account of the \o at
the end of the query.  And, equally obviously, I can leave that out
(which "works").

But I am surprised that the \o is the controlling meta-command.

Thanks,

John