Forex News: UK BoE Blanchflower Speaks- Says UK going into Recession.

BoE Governor Blanchflower just spoke and said: "UK is going into recession and we are probably in one now.  Would like to see rates "well below their current level"  Also said UK will have 3 or 4 quarters of contraction and risks are to the downside.  Monetary Policy has been far too tight for far too long.  Recent Job losses are "tip of the iceberg" 
This news has caused gbp/usd to drop almost 50 pips immediately.  Stay tuned for the gbp/usd technicals later this session.