Yes, there is a lot of pressure. England have a bad record against Germany, and have lost to them in important matches a few times. There is a big psychological barrier for England to overcome here. The players will be worried, I think... whereas Germany are more used to winning, and don't have any pressure of home advantage, either, plus expectations for their team are lower than usual.
If Germany plays like against France and Hungary then they won't have a chance against England. If they play like against Portugal they have a good chance to proceed to the next round. Germany shows two completely different faces as already in the qualification and in the preparation matches. In some matches they play unbeatable football and in others you have to fear that they will go down. I only remember the game a few months ago against Spain, when they lost 0-6. The same Spanish team which does not play very well in this tournament yet.
So I think the match against England is completely open for both sides. But I would favor England, also because of the home advantage.