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In early trading it reached a two-week high of $1.5270, before slipping slightly to $1.5225 at 08:40 GMT, Reuters reports.
The gain came after research indicated the Conservative Party is likely to win an outright majority at the election, which is expected to take place on May 6th.
"Sterling has been boosted by opinion polls showing a Conservative majority, forcing those holding shorts to question their positions," Forex.com's Jane Foley was quoted by the news source as saying.
It also helped reverse the losses that were seen yesterday, when the British currency was put under pressure following the news the European Commission (EC) is to ask the government to take steps to cut the fiscal deficit.
Liam Byrne, chief secretary to the Treasury, criticised the EC's report, describing its findings as "wrong".
Posted by Clive Arneil
