I'm haveing a strange problem
I have a Holly blue fuel pump with a seperate press regulator set at 5 psi. When I turn it on it will hold 5 psi (on the gauge) for about 2 min, than you can hear the sound of the pump change and it pegs the gauge to over 10 psi (the gauge only reads up to 10). If I switch it off and back on it goes back to 5 and starts all over again .

I tried clearing the regulator (sprayed it with carb cleaner), no change

Its plumbed like this, tanks - switching valve - pump - filter/water seperator - regulator - motor. The regulator is also Holly and looks like a T, inlet on the bottom - adjuster on top - left side out to motor - right side to gauge . Is this right ?