The 1.2406 is the 50% retracement. Look for support buyers with a tight stop.
The GBPUSD is trading at new day session lows and in the process is moving below the 100 hour MA at 1.24195. The 50% retracement of the move up from Friday’s low comes in at 1.24065. That is the next target for the pair. The range today is near 100 pips now. It is one of the more active pairs in trading.