A pip (Point in Percentage) is considered the smallest price change that a given
exchange rate can create. Generally speaking, it is the term used to describe
the smallest incremental move of an exchange rate in the currency market.
Depending on the context, one basis point equals 0.0001 (in assets such as
EUR/USD, GBP/USD, USD/CHF, and 0.1 in assets such as USD/JPY.)