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By 08:20 BST, the British currency had risen 0.1 per cent to $1.5159, having fallen on Tuesday due to continued concerns the financial problems in Greece could extend to other European countries, Reuters reports.
And the euro hit a nine-month low against the pound, retreating to 85.54p and prompting UBC currency strategist Geoffrey Yu to note: "Selling the euro is the path of least resistance."
Those carrying out Forex trading are also cautious due to the prospect of a hung parliament being created following the general election tomorrow.
Daragh Maher of Credit Agricole said the "muddled outcome" of a hung parliament could result in a "knee-jerk reaction" from traders that would cause sterling to dip.
Latest opinion polls suggest a hung parliament is likely, with support for the Liberal Democrats seemingly set to take votes away from Labour and the Conservatives.
Posted by Greg Secker
