The Virgin Hodegetria

14th Century replica

In the Virgin Hodegetria type the Virgin Mary holds Christ on her left arm and gestures toward him with the elongated fingers of her right hand, showing that he is the way to salvation, while he raises his right hand in a gesture of blessing. (The index and middle fingers are joined to refer to the two natures of Christ, and the thumb locks over the other fingers to signify the Trinity.) The name Hodegetria ("The Wayshower") refers to the Hodegon Monastery in Constantinople, which has such an icon. 

Typical features of the Hodegetria include the starburst on one or both shoulders and on the part of the blue mantle that covers the forehead. The fringe on the mantle indicates imperial status, as does the throne that is occasionally included in the image.  The Virgin Mary's frontal gaze is also a key feature of the Hodegetria type.

The odd letters on the left and right and level with the top of the Virgin's head appear to be an adaptation of the usual inscription that occupies this position in other Hodegetrias: "MP    θY" -- the first and last Greek letters of the Greek words for "Mother of God."

More of the Virgin and Child

Source: "Guide to Byzantine Icons on the Internet"