The effects of hydrostatic pressure and growth-direction applied magnetic fields on the exciton dispersion and in-plane effective mass in coupled GaAs–(Ga, Al)As quantum wells are investigated. Calculations for spatially direct and indirect excitons were performed within the variational procedure in the effective-mass and nondegenerate parabolic band approximations and by taking into account the coupling between the exciton centre-of-mass momentum and its internal structure. The pressure coefficient is also obtained as a function of both the hydrostatic pressure and growth-direction applied magnetic field.