The invention relates to a handheld observation device including a digital magnetic compass for measuring a magnetic field direction of a magnetic field present, a gravitation sensor for measuring a gravitational field direction of a gravitational field present, and a control and evaluation unit configured for determining an externally referenced orientation of the observation device depending on a measured magnetic field direction and a measured gravitational field direction and with application of an algorithmic disturbance suppression, for which compensation parameters are stored. The observation device can also include a video tracking system (4) for recording an image sequence and for deriving orientation changes of the observation device.