Will bending the tire nipple cause the pressure gauge to read higher?

I have this hub cap that conceals the tire nipple. In order to get at it, I have to bend the nipple to one side to get around one of the spokes on the hub cap. Will this effect a pressure reading with a tire gauge? I have it pumped up to the appropriate pressure, but it still looks low. I can’t take the hub cap off unless I take all the lugs off.

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