• GBP/AUD is taking off and the bulls are targeting a daily upside extension. 
• The 4-hour time frame is offering a robust structure from where the price is breaking out from. 

GBP/AUD is making an advance ahead of the Bank of England meeting that will occur in London's trade. nevertheless, the bulls are on board as the price breaks away from the critical 4-hour support structure.

GBP/AUD daily charts

As illustrated, the price made a higher daily high of late and has since pulled back to meet a critical daily support area which has held the test of time this week. 

GBP/AUD H4 chart

The bulls are in control on the lower time frames and breaking up following a restest of the 4-hour W-formation's neckline.