I have found this great answer with this list
Do I need to add armv6 support when limiting apps to iOS 4.0+?
ARMv8 / ARM64 = iPhone 5s, iPad Air, Retina iPad Mini
ARMv7s = iPhone 5, iPhone 5c, iPad 4
ARMv7 = iPhone 3GS, iPhone 4, iPhone 4S, iPod 3G/4G/5G, iPad, iPad 2, iPad 3, iPad Mini
ARMv6 = iPhone, iPhone 3G, iPod 1G/2G
So if I want limit my app to be run on iPhone 5 and higher, can I just remove armv7 architecture from Xcode, or Apple reject this kind of limitation?
Just to be clear I don't want to limit with iOS version, I just want to support iPhone 5 and higher with latest iOS version. Is it possible?