What everyone else above said. You and I are about the same - I'm 5'4", 163 right now. I set my target at 1500 and aim for +/- 100 every day. On the weeks that I stay exactly on plan and hit the gym every time I plan to, I lose fairly predictably at slightly less than 2lb a week.
The problem is I'm never exactly on plan!
But ... I would stick wtih 1400-1500 for now and see where that gets you. Give it at least a month. If you feel after that, that you need to drop more, you can. But I think with the exercise you're getting, 1400 is plenty low.
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