Markets (especially equities) will be disappointed by anything less than a 100 bp from the BOE first thing tomorrow morning. The ECB can probably get by with a 50 bp cut as long as they signal more to come, given their cautious nature. Stock markets would respond favorably to a deeper cut.
Who knows how currencies will react? I can make a perfectly plausible case for euro and cable to rise or fall based on any scenario. Aggressive cuts can be seen as supportive as they may help revive the economies faster or they may undermine currencies on narrowing interest rate differentials…Forex traders will likely look to the equity markets for guidance, with cable and EUR/USD rallying on stock strength and easing on stock weakness.