iránytű [ˈiraːɲtyː] – compass
[Literally::: direction-needle]
Basically it is a needle, that shows you the direction (mostly where is North). “If a needle is rubbed on a lodestone or other magnet, the needle becomes magnetized. When it is inserted in a cork or piece of wood, and placed in a bowl of water it becomes a compass. Such devices were universally used as compass until the invention of the box-like compass with a ‘dry’ pivoting needle sometime around 1300.” ~ wiki
irány [ˈiraːɲ] – direction
tű [ˈtyː] – needle; pin