The effect of hydrostatic pressure on the waveguiding properties of high birefringence photonic crystal fibers (HiBi PCF) is evaluated both numerically and experimentally. A fiber design presenting form birefringence induced by two enlarged holes in the innermost ring defining the fiber core is investigated. Numerical results show that modal sensitivity to the applied pressure depends on the diameters of the holes, and can be tailored by independently varying the sizes of the large or small holes. Numerical and experimental results are compared showing excellent agreement. A hydrostatic pressure sensor is proposed and demonstrated using an in-fiber modal interferometer where the two orthogonally polarized modes of a HiBi PCF generate fringes over the optical spectrum of a broad band source. From the analysis of experimental results, it is concluded that, in principle, an operating limit of 92 MPa in pressure could be achieved with 0.0003% of full scale resolution.