The VP44 (injector pump) sucks harder as load and/or RPMs increase. The lift pump puts out a fixed amount of fuel. So, at WOT the demand for fuel increases but the lift pump is still providing the same amount (roughly), and the pressure will drop in the lines between the LP and the VP44, which is where your FP sender is at. The harder the engine works, the lower the fuel pressure.
Like Rusty said; defueling happens in the VP44 and reduces fuel to the injectors (the same as backing off the throttle). If the VP was defueling for whatever reason (overboost or rpm redline, not egt since there's no egt information going to the computer) you would see an increase in fuel pressures since the engine would be unloading.