//
At 08:27 GMT the British currency was 0.3 per cent higher on $1.5038, having earlier touched a session high of $1.5060, Reuters reports.
However, gains have been limited due to uncertainty over the forthcoming general election and the broadcasting of the first live television debate between the finance ministers of rival political parties last night, which offered no new details regarding spending cuts that will be implemented to reduce the current budget deficit.
There are also fears a hung parliament could be created following the general election, as the latest opinion polls indicate the Conservative Party's lead over Labour is a narrow one.
"The prospect of a hung parliament continues to be the overriding concern for investors right now and this will continue to weigh [on sterling]," Michael Hewson of CMC Markets was quoted by the news agency as saying.
Sterling was largely flat against the euro, which has been given a boost in recent days as worries over Greece's fiscal problems have eased.
Posted by Greg Secker
