Noble look (4)
I believe the answer is:
Here is my best explanation:
This clue is a double definition.
'noble' is the first definition.
(peer is a kind of noble)
'look' is the second definition.
(peering is a kind of looking)
(Other definitions for peer that I've seen before include "Peep; nobleman", "A noble", "Look searchingly at lord?", "Lord of the realm", "Noble; look intently", "Look closely at lord", "One's equal", "Look hard through narrowed eyes", "Look dimly at lord" and "Person of equal standing".)