ORIGINAL: sctf520
It appears that you are leaning your head foward to see through your peep. Leave your head in a nuetral position (straight up), close your eyes, draw the bow with your nose touching the string. open your eyes, then you will probably be looking at the top of or over your peep so it will have to be raised. I agree your release may also be a little long, but get the peep set right first.
Actually,forget the peep is there untill you fix the form issues all together,then readjust it.