The rumored Xbox 360 price cut has been confirmed by Microsoft. The Xbox 360 20GB will drop in price by about $50. A new Xbox 360 60GB model will soon be available at the $349 price point previously held by the 20GB model. Expect plenty more announcements from Microsoft today when their E3 press conference takes place in a few hours.

This is the new Xbox 360 console lineup with prices:

Xbox 360 Arcade: $279
Xbox 360 20GB: $299
Xbox 360 60GB: $349
Xbox 360 Elite 120GB: $449

Related posts:

1. Xbox 360 Price Cut Official
2. Xbox 360 Price Cut Rumors Continue
3. Dan, Fei Long Confirmed for Street Fighter IV Console Versions
4. Sakura Confirmed in Street Fighter IV Console Versions
5. New Xbox 360 Dashboard Style Confirmed