Prediction and implications
With City potentially fired up after losing at Newcastle, Arsenal's weak defence, and Manchester City's strong recent record at home to Arsenal, it seems that a win vs. Arsenal is most likely.
This doesn't mean that Arsenal will lose heavily. Even a small loss (in scoreline terms) won't be a disaster. But then the tide is in City's favour, and an Arsenal win would be a minor shock. Arsenal is incentivised too, without question. A win would further secure their top four hopes especially with Chelsea floundering and United's draw vs. Burnley.
In the event of a win for City, it would restore confidence and put pressure on Liverpool.
A draw, even if Liverpool draw or lose, would be a missed opportunity with fewer games to go towards the end of the season.
A loss, even if Liverpool lose too, would be a disaster, as time is running out.
For Arsenal, a loss (even a heavy one) would not be terminal. Chelsea and Manchester United may win their games, but would only be a few points ahead. More football is to be played, and Arsenal faces Manchester United later in the season.
A draw, for similar reasons, would be pretty much the same. A win would be a massive boost and a statement to the league and footballing world that Arsenal can handle the top sides away from home, which was a primary critique in the latter Wenger period.