38 weeks and blood pressure is 127\91 is this bad?

Higher end. Your blood pressure is definitely creeping up. You need to see your OB regularly to be checked for other signs of pre-eclampsia.
The diastolic number. (the second one) is high and you should notify your obstetrician tomorrow if not today especially if you have any swelling of your ankles or other unusual symptoms.
Probably not. it depends on what your BP has been running before. unless it is a great increase it is not concerning unless you begin to spill protein in your urine and have increased reflexes.