What are pips in forex ?

What are pips? When the chart for a currency pair goes up or down in forex trading, the amount that the price goes up or down is described in pips (or points).

And 1 pip refers to a movement of 1 in the last decimal point in the currency pair.

For example, for the EURUSD, if the price is currently 0.9780, and moves up to 0.9785 , this is a 5 pip move. If you buy at 0.9780 and sell at 0.9820, then this is a 50 pip profit.