Pour about 5ml (a teaspoon) of oil into the low cylinder and see if the reading goes up, if it does its probably the piston rings. If it doesnt go up it could be a valve, to check for that, remove the spark plug and turn the cams round until both valves are closed on that cylinder. Then blow air into the cylinder, you will need to try and seal off the plug hole so it doesnt just come back out that hole, listen for air passing out of the exhaust or inlet ports, if it does this then there is a valve problem.