Water pressure needle broken?
"Let some pressure escape" would be happening every time you open a tap downstream of your pressure limiting device (regulator), if there is one on the system. That pressure reading (which is quite high, by the way) means one of the following:


your pressure limiting device (regulator) has failed and your mains pressure is currently quite high
the pressure gauge has failed
your pressure limiting device (regulator) has failed and there was a period of time that your mains pressure was high, but downstream pressure has not yet been relieved.