The pound is charging after the latest Brexit poll showed remain building a huge lead

Union Jack charge

Reuters/Phil Noble

The British pound is on a charge on Tuesday after a new Brexit poll showed that the Remain campaign is moving further into the lead ahead of the UK's EU referendum, which is now less than a month away.

On Tuesday morning, a poll conducted by the ORB for the Daily Telegraph showed that 55% of people now back staying in the EU, compared to just 42% wanting to leave.

The poll calmed nervy currency traders, and caused the pound to rocket higher, gaining nearly 0.5% against the dollar at around 9:00 a.m. BST (4:00 a.m. ET).

Since then, it has continued to soar, and as of around 12:40 p.m. BST (7:40 a.m. ET) is up just shy of 0.9%. Here's how it looks:

pound 2 may 24

Reuters/Phil Noble

ORB's poll was good news for currency traders, who are generally worried about the potential impacts of Brexit on Britain's currency. Various warnings, from everyone from currency traders all the way to the IMF, have suggested that Sterling could crash as much as 15%-20% after a Brexit vote.

One of the key findings of the poll was not just that remain has a big lead, but also that many of the key demographics expected to back Brexit — like men, pensioners, and Conservative voters — are now increasingly likely to vote to remain in the EU.

The pound slumped early in 2016, hitting a near ten-year low in February after former Mayor of London Boris Johnson made his much-anticipated decision to back Brexit. Since then however, it has climbed by more than 5%, as worries about Brexit have waned somewhat. Earlier in May for example, it was reported that traders no longer fear that Britain will leave the EU.

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See Also:

• More than 80% of gamblers are betting on a Brexit — but the odds are not in their favour

• The pound is diving after the latest EU referendum poll showed a massive swing towards a Brexit

• Hedge funds are getting help from pollsters so they can place big bets on the EU Referendum

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