Is EUR/GBP constructive or overshooting?

EUR/GBP has become a runaway market, characterised by historic highs in the daily MACD (12, 26, 9).

Equally significant in EUR/GBP’s bullish makeup is the distance between the MACD and its signal line, which has reached a width not seen in the last six months. Yesterday's higher reading though, is an early warning that momentum has started to wane.