I think when times are good the pound is worth about 1.4 or 1.5 dollars. To be honest everywhere in the West sucks so the pound is worthless and the Euro isn't much better so 1.6 isn't that crazy. For Brits it was way better a few years ago when the British economy was kicking arse while something was wrong with the American, then it was nearly 2 dollars to the pound and we could do some serious business.