We present a comprehensive study of an in-line Mach-Zehnder intermodal interferometer fabricated in a boron-doped two-mode highly birefringent microstructured fiber. We observed different interference signals at the output of the interferometer, related to the intermodal interference of the fundamental and the first order modes of the orthogonal polarizations and a beating of the polarimetric signal related to the difference in the group modal birefringence between the fundamental and the first order modes, respectively. The proposed interferometer was tested for measurements of hydrostatic pressure and temperature for different alignments of the input polarizer with no analyzer at the output. The sensitivities to hydrostatic pressure of the intermodal interference signals for - and -polarizations had an opposite sign and were equal to 0.229 nm/MPa and -0.179 nm/MPa, respectively, while the temperature sensitivities for both polarizations were similar and equal 0.020 nm/°C and 0.019 nm/°C. In the case of pressure, for the simultaneous excitation of both polarization modes, we observed a displacement of intermodal fringes with a sensitivity depending on the azimuth of the input polarization state, as well as on the displacement of their envelope with a sensitivity of 2.14 nm/MPa, accompanied by a change in the fringes visibility. Such properties of the proposed interferometer allow for convenient adjustments to the pressure sensitivity of the intermodal fringes and possible applications for the simultaneous interrogation of temperature and pressure.