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The pound was priced at $1.6444 against the US currency - an increase of 0.3 per cent - at 08:19 BST, Reuters reports.
However, any gains made by sterling have been held back due to pessimism among traders, with currency strategist at UBS Geoffrey Yu telling the news source that "general risk appetite is continuing to struggle".
There are still "fears of further corrections", he noted, but added that there is still little to suggest that global economies are not in the process of "bottoming out".
Yesterday, news that the increase in the amount of people claiming unemployment benefits was lower than expected brought a small rise in the value of the pound.
The data was released by the Office for National Statiatics and also revealed that the unemployment rate now sits at 7.2 per cent, with 2.26 million people in the UK being without a job.
