Sterling recovers slightly after slumping below 1.24

British pound rose against US dollar on Friday, recovering in part from losses which have pushed it below the 1.24 mark as concern over Britain's exit from the EU and uncertainty over a Brexit deal with Brussels continued.

As a new government approaches to succeed Theresa May, it appears that Boris Johnson is the closest candidate for this task amid uncertainty about his policies on the Brexit.

Johnson had previously said that the UK would leave the EU before October 31, whether by an agreement or not.

Some interpreted the remarks as a tendency from Johnson and his team to move out of the united European bloc without seeking an agreement.

May has failed three times to pass an agreement reached with Brussels through the British Parliament, which prompted her to resign in the end.

In terms of trade, by 18:31 GMT, GBP/USD fell by 0.3% to 1.244, with the highest price at 1.2456 and the lowest at 1.2382.