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The phrase "are currently approaching" is correct and usable in written English.
It can be used to describe an ongoing action or process of getting closer to a particular point or goal.
Example: "The team is currently approaching the final stages of the project and expects to complete it by next week."
Alternatives: "are nearing" or "are on the verge of".
Exact(11)
"We are currently approaching public officials about the feasibility of this idea," said Dr. Jeffrey Goodman, president of the Montgomery Place block association.
Levels of carbon dioxide in the air are currently approaching 390 parts per million, up from roughly 280 in the preindustrial age.
Since 2003, McGovern-Dole has provided school meals in 40 of the world's most impoverished nations, including several that are currently approaching famine.
In addition, the dark current characteristics of type-II superlattice-based single element long-wavelength infrared (LWIR) detectors are currently approaching state-of-the-art MCT detector.
The movie is entertaining enough to be a hit — its domestic grosses are currently approaching $150 million — and provocative enough to incite debate among historians and Op-Ed columnists.
These spacecraft, launched in 1977, are currently approaching the boundary of the heliosphere and are expected to yield the first in situ information about the interstellar plasma when they pass the heliopause boundary.
Similar(48)
When he arrived, the force numbered 1,280; it is currently approaching 1,700.
In the UK, gas consumption is currently approaching a 12-year low.
However the comet is currently approaching its perihelion, where it will come closest to the Sun during its highly elliptical orbit.
This natural cycle, which is currently approaching its strongest since records began in the 19th century, affects weather worldwide by causing sea temperatures in the eastern Pacific to drop while those in the west rise.
Brazil is currently approaching the winter holiday season - a peak travel period.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com