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As long as it isn't so high to blow the oil filter off, don't worry about it. High oil pressure under de-cel could mean one thing, under accel could mean something else. Anything under 100 psi is not by itself considered high. Ifyou have an old engine and it goes really high intermittendly, you could have a sticking regulator(bypass) valve. The beauty about having indicator lites and not guages is that you have a lot less to watch an worry about.
I have a 74 f100 pick up i just put a 360 in her about a month ago she has about 4000 miles on the new engine at about 3500 miles she started readin high on the oil gauge why and how can i fix it