Hi Shannonplussed, yes FSH levels decrease with HRT, some studies say to premenopausal levels, but it depends on the HRT dose. There are other issues that can cause persistent high levels of FSH, like PCOS or ovarian and pituitary tumour, but in menopausal women it usually means low oestrogen. In perimenopause FSH levels vary wildly and blood tests results won't be reliable as an indication of insufficient oestrogen.