Basically - unlock the pressure regulator knob by lifting it. Turn clockwise to increase pressure, whilst depressing the trigger on the 'brush (this will allow 'bleed-off' of excess pressure, allowing the desired pressure to be set.).
Turn anti-clockwise to reduce pressure, again depressing 'brush trigger.
Depress regulator knob to 'lock' the position for desired pressure.
It might take a few seconds for the pressure to 'settle down' to the selected pressure, and the gauge will almost certainly show a 'drop off' of pressure when spraying - this is normal, and actual spraying pressure obtained should be more or less in the region selected.
Note that the pressure settings, and especially the pressure gauge, are only approximate on most 'hobby' compressors, and the average spraying pressure would be around 15 to 20 psi.