In my memory and my opinion PIP is Price Interest Point
But
In wikipedia said that PIP stand for Percentage In Points
anyway the smallest unit of price for any foreign currency, also referred to as points.
EXP
The price is 1.4000 and becomes 1.4001 then we have 1pip
why?
bekoz:
1.4001 - 1.4000 = 0.0001
GOOD LUCK