Look favourably upon second third of a league (5)

I believe the answer is:

smile

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'look' is the definition.
(I know that smile is a type of look)

I cannot understand how the rest of the clue works.

(Other definitions for smile that I've seen before include "Pleased expression" , "Happy facial expression" , "Indicate pleasure with lips movement" , "Show happiness" , "Friendly facial gesture" .)

I've seen this clue in the Sydney Morning Herald.

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