A pip is the price movement generally for all the currency pairs. The pip price movement is checked from the 4th decimal place on an instrument. generally 1 pip movement in a currency pairs is equal to 10 USD. Example if the price of EURUSD moves from 1.22020 to 1.22030, there is an increase in 1 pip which is equal to 10 USD in terms of pip value. The smallest price fluctuation in currency pairs is called as pipette which is at the 5th decimal place.
Pip means percentage in point, it is the smallest unit for the price change. One pip equals to $10.. If you sell EURUSD at 1.2021 (open) and 1.2020 (close) then it means you made a profit of 1 pip.
Some brokers also provide price quotes in pippets which is 1/10th of a pip, here the price will be quoted upto the 5th decimal place.