To be honest, that sounds reasonable. Do you have a plan you are going to follow? If not, you'll have to watch your calorie intake (and remember that less is not always more!) - don't drop under 1200/day - and up your exercise, but I would think 1lb-1.5lbs a week will work nicely for you. Your body might like to start at, say, 1600 cal/day for the first week, and drop 50 calories a week until you reach 1200. It's one way to start... you may have a better plan in mind!
Good luck, and keep checking in here and telling us how it is going!!
Heather