Pip is an acronym for ‘percentage in point’. A pip is a unit of measurement for price movement.
We use pips to measure the change in the price of one currency in relation to another.

One pip is the smallest price change that a given exchange rate can make,
and so refers to the very last digit of a price.

For instance, if the EUR/USD moves from 1.1190 to 1.1191,
this would be a movement of 1 pip in the exchange rate