J.R. S. answered 03/14/17
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Assuming the temperature remains the same (as it should if you have a balloon in a normal environment), you can use Boyle's law where P1V1 = P2V2. As V2 (the volume of the squeezed balloon) decreases, P2 (the pressure in the squeezed balloon) must INCREASE in order to keep the equality of the equation (i.e to keep P2V2 equal to P1V1).