The versatile attacker is aware of the importance of this weekend's game, but has stressed that the Catalans will be ready
Barca currently sit third in La Liga with 66 points from 28 games, trailing leaders Madrid by four points, and Pedro realises they are in for a tough task to retain their title if they lose at the Santiago Bernabeu.
"A defeat would make it tough to pull ourselves back into the title race," the Spain international told Barca TV.
"But we are coming into the game in a good run of form and we know it’s all to play for there. We all want to put in a great performance and keep our treble hopes alive.
"Madrid might just be favourites because they are playing at home, but we know in this type of game there are never clear favourites at all - anything can happen."
Pedro then went on to stress that Barca cannot afford to lose focus on Sunday as Madrid are always waiting to hit their opponents on the counter attack.
"They have very quick players up front and they will be waiting for us to give the ball away so that they can hit us hard on the break.
"We have to be aware of their strengths and their style of play and use that to exploit our own strong points. Our idea is to move the ball quickly."
Barca recorded a 2-1 win over Madrid at Camp Nou earlier this season.