British, Irish and Commonwealth citizens over 18 will go to the polls this Thursday (June 23) to decide whether Britain should leave or remain in the European Union.

Prime Minister David Cameron had promised to hold one if he won the 2015 general election, in response to growing calls from his own Conservative MPs and the UK Independence Party (UKIP), who argued that Britain had not had a say since 1975 when it voted to stay in the EU in a referendum.

As such, citizens over 18 who are resident in the UK, along with UK nationals living abroad who have been on the electoral register in the UK in the past 15 years as well as members of the House of Lords and Commonwealth citizens in Gibraltar will vote on the question: “Should the United Kingdom remain a member of the European Union or leave the European Union?”.

British Pound Makes Strong Gains Against US $

The pound has strengthened sharply against the dollar in early trading, bouncing back from last week’s losses.

A short while ago, the pound was more than two cents higher against the dollar at $1.4595 and at one point was trading as high as $1.4621.

Traders are reacting to the latest UK polls which indicate a shift towards a vote to stay in the European Union.

The FTSE 100 also opened strongly, with shares trading up 2.37% on Monday.
The bounce followed several polls over the weekend that suggested a vote to remain in the European Union looked increasingly likely.

The pound had fallen sharply over the course of last week after polls appeared to indicate the Leave campaign was taking the lead.

But figures from the Commodity Futures Trading Commission, a US markets regulator, suggested a broader change in trading sentiment by Friday.

That data indicated that by the end of last week, currency speculators had begun to back the pound again by reducing their bets against the currency.

Oil Prices On The Rise

Meanwhile, oil prices have risen as well, with Brent crude trading up 2.2%, back above $50 a barrel, at $50.25.

Monday’s shift in sentiment has also boosted shares in banks and builders, which are seen as more vulnerable to damage if the UK votes to leave the EU.