Hold thou me up - Keep me from falling in the trials and temptations of life. The Hebrew word means to prop, uphold, support. The Septuagint is, “Aid me.”
And I shall be safe - And I shall be saved; or, that I may be saved. It is an acknowledgment of entire dependence on God for salvation - temporal and eternal.
And I will have respect ... - I will look to thy statutes; I will have them always in my eye. Compare the notes at Psalms 119:6.