Pip

The smallest standard price move in a currency pair — usually the fourth decimal place (0.0001).

Short for "percentage in point." For most pairs, including EUR/USD and GBP/USD, one pip equals a 0.0001 price move. If GBP/USD goes from 1.3450 to 1.3460, that's a 10-pip move. Pips are how traders measure both profit/loss and how far price has moved, independent of the actual currency amount involved.