I wouldn't recomend it from a safety standpoint. Increasing tire pressres on a bike will make it more prone to skidding even in low-speed braking situations and cornering, eats up tires like crazy which is false economy.
The better approach may be to go to the next narrower tire that is available for your rim size, then running normal, or sightly higher pressures. While this will narrow your contact patch just like running high pressures, you'll lower your rolling resistence without loss of flex in the tire carcass.
Most modern bikes are carrying way too much tire, particularly in the rear.
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