Pip (percentage in point) is a unit of measurement to express the change in value between two currencies. It is the smallest unit price movement an exchange rate can make, based on forex market conversions.
Most currency pairs are priced to four decimal places and one pip is at the last decimal place. Thus, one pip is equivalent to 1% or one basis point. For example, if you see EUR/USD moves from 1.1001 to 1.1002, then the pair has increased 1 pip in value.