Problems where a (non-compressible) liquids fill a specific volume are ill-defined. That is, an infinitesimal volume change may affect the pressure dramatically.
There's a classic problem when there's a tank filled with liquid completely, except there's a little air bubble at the bottom of the tank. Now, what happens when this bubble eventually detaches from the bottom and floats to the upper bound of the tank? The answer is that the pressure that was earlier at the bottom will now be at the top, and the pressure at the bottom will increase according to Archimedes' low.
This is an example of an ill-defined problem. What'd happen in real life is that upon the pressure increase the tank would expand a little, the volume of the bubble will grow, and the pressure of the liquid will barely change.
So, regarding your question: it's clearly ill-defined. It's impossible to determine the liquid pressure from the beginning, it's unclear if the overall volume of the pipe changes upon its deformation. The only thing that is known is the pressure difference at top/bottom, which is according to Archimedes' low.