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1,With the Magic Want tool set to a tolerance of 10, click in the blue area you don't want. (if you want to verify what the tool has selected, enter Q for Quickmask and the area selected will then be reddish, You can fine tune the selection if necessary by painting with black to add or white to subtract from the selection) Enter Q again to exit.

2.Enter Shift+Ctrl+I (eye) to invert the selection. This will select nothing but the balloon.

3, Enter Ctrl+J. This will place the balloon on a new layer with a transparent background.