Aya, I think that it is a very nice English "genre" piece. One of their very well known artists of horses is Stubbs but this is not he. Could you take it out of the frame to see if the signature is more clear and if any other clue is hidden beneath? Now, I can not tell, for instance, if their are 2 "L"s in the middle or a "y"; can't see the way the letters are connected, so can't tell an "e" from an "a", etc. I'd like to research it some for you a little later.