A transmission electron microscopy study of quasicrystals was carried out in Al-Co-Ni-Tb alloy which was obtained by quenching under high static pressure and a new two-dimensional pentagonal quasicrystal was discovered. An unique five-fold axis is observed in its diffraction patterns and the periodicity along the five-fold axis is 0.4 nm. Another feature of the pentagonal phase is that no extinction exists in the diffraction patterns along the direction perpendicular to the five-fold axis. A comparison of the high resolution electron microscopy images of the pentagonal phase and the decagonal quasicrystal is given. The effect of high pressure is discussed.