Show what branch you are working on in a command prompt

Since I have to juggle between several projects on my typical day job, it would be nice if I can see which branch I am on in a git repository. I figured it out just a single line in my .bashrc:

local GIT='$(git branch &>/dev/null; if [ $? -eq 0 ]; then echo "($(git branch | grep '^*' |sed s/\*\ //))"; fi)'

Then add it to your prompt:

PS1="\u$....${GIT}${NONE}\$ "

Now I get:
~/Projects/spice-workspace/spice2(master)$ git checkout develop
~/Projects/spice-workspace/spice2(develop)$

Very cool!