We report thermopower measurements under hydrostatic pressure on the cuprate superconductor La$_{1.6-x}$Nd$_{0.4}$Sr$_x$CuO$_4$ (Nd-LSCO), at low-temperature in the normal state accessed by suppressing superconductivity with a magnetic field up to $H = 31$ T. Using a newly developed AC thermopower measurement technique suitable for high pressure and high field, we track the pressure evolution of the Seebeck coefficient $S$. At ambient pressure and low temperature, $S/T$ was recently found to suddenly increase in Nd-LSCO at the pseudogap critical doping $p^{star} = 0.23$, consistent with a drop in carrier density $n$ from $n = 1 + p$ above $p^{star}$ to $n = p$ below. Under a pressure of 2.0 GPa, we observe that this jump in $S/T$ is suppressed. This confirms a previous pressure study based on electrical resistivity and Hall effect which found $dp^{star}/dP simeq - 0.01$ holes/GPa, thereby reinforcing the interpretation that this effect is driven by the pressure-induced shift of the van Hove point. It implies that the pseudogap only exists when the Fermi surface is hole-like, which puts strong constraints on theories of the pseudogap phase. We also report thermopower measurements on Nd-LSCO and La$_{1.8-x}$Eu$_{0.2}$Sr$_x$CuO$_4$ in the charge density-wave phase near $p sim 1/8$, which reveals a weakening of this phase under pressure.
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