Cold pressure check....
Remember that pressure needs to be checked COLD. Air expands as it is heated as we all know.A tire that reads 35 psi cold may well read 40 psi after the air inside has warmed. So if you're checking and comparing with other guages do it "back to back". I too prefer the pencil guages as they are simple, inexpensive and accurate in my experience. I carry one in the tankbag at all times.
One of the neat things about the tire pressure monitoring system on my F650GS is that it compensates for temperature of the tire and gives you the equivalent cold tire pressure. Seems to work really well!