Late but...
Both.
The pressure is omnidirectional. As mentioned above, the Riva-Rocci-BP-method doesn't measure pressure directly, but by compressing and thus occluding, later obstructing the upper arm arteries. This causes turbulent flow behind the narrowed part is auscultated, either using a stethoscope when you do it manually, or vibration sensors on the automatic gadgets. And when the arterial pressure goes down during the cardial filling phase - diastolic drop - then the flow throught the compressed part of the artery ceases, as does the turbulence.
The elasticity of major arteries smoothes the pulse front, and the blood flow isn't fast enough to exert a kinetic, pressure due to its impulse. Blood is an Newtonian, non-compressible liquid (in first approximation). The ejection phase of the left heart chamber only is roughly 30-40% of the complete cycle time. While the heart expulsion force does contribute, the main regulation mechanism, however, is located in the precapillary sphincter, so in the very end of the arterial system.
Also, the flow speed is in the order of 100cm/sec in the aortaascendens, before the first branchings in the arc, slowing down with diameter (Hagen-Poiseuille Equation applies), while the pulse wave can spread faster. As in addition the total sum of the cross-secctional area of the arterial system increases, flow decreases quite rapidly - the major 2nd-stage arteries branch off before the bifurcation of the illiac arteries, and - thanks to vessel wall elasticity - can even revert in these, being directed towards the heart.
Then, the
Also, while not the standard, BP often enough is measured invasively - and not via a pitot tube, but via a standard plastic cannula. This is done mostly on patients during anaesthesia or some patients in intensive care.
Lastly, while you're sitting or standing upright, the arterial blood pressure in the legs
is higher in the legs, and lower in the skull (as is the venous pressure, too). Which makes it so relevant that the cuff is at the heart's height, by placing the cuff there - or holding the measuring gadget in front to your chest. (OK, this would be
lege artis, patients don't always observe this during self-measuring...)
If you want to understand that better, I'd advise looking into a medical textbook on physiology, chapter "curculation". Or you might want to take a peek
here, "UNIT IV" it is.