Mix flour, sugar, salt, baking powder and baking soda into a large mixing bowl.
Add olive oil to dry mixture and stir with a fork. You want the oil evenly distributed throughout the dry mix.
Make a well in the center of the mixture. Add beaten egg and buttermilk and mix in with a wooden spoon until dough is too stiff to stir. Dust hands with a little flour, then gently knead dough in the bowl just long enough to form a rough ball.
Lightly spray a non-stick spray into Pyrex bowl. Then add dough into Pyrex bowl.
Add 2 cups of water in the bottom of your IP pot. Using a steamer basket or 3 same sized ramekins at the bottom, place Pyrex bowl in. You never want the bowl to touch the base of the IP as it is too hot and will burn your bread.
Close your IP lid, and "bake" for the 30 minutes on High Manual Pressure. When it's done, let it NPR. After NPR has been achieved, open valve, and remove lid at an angle as to not drip water onto the foil. Nobody wants wet or soggy food.
Remove Pyrex dish and allow to cool before removing the Irish soda bread from the it.