While there are 360 price cuts on the horizon in the US market, in Britain, consumers don't have things as easy, because instead of price cuts, Microsoft have instead announced an impending price increase.
According to a report on Eurogamer - who spoke with ShopTo and another "corroborating independent retail chain source" - Microsoft sent an email to stores this morning that the recommended retail price of an Xbox 360 Arcade unit will be raised from £130 to £160 (USD$210 to $260).
The price of first-party accessories and peripherals will also go up, though in this case only by "one or two pounds". The price of the Elite was not mentioned (though interestingly, the Pro model wasn't mentioned at all, lending further credence to the rumours of its imminent demise).
Apparently the price hike is down to a poor exchange rate between the British Pound and the Euro.
MS increases Arcade 360 price in UK [Eurogamer]