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Convicted of killing Ben Smart and Olivia Hope on New Year's Day in 1998, Watson has now served 23 years behind bars.
The outcome of the Parole Board hearing will not be released until families have been informed.
The last time Watson came before the Parole Board was just under a year ago. It was decided he remained an undue risk because of his refusal of treatment from psychologists.
Watson said this was because it required him to admit his guilt, something he has never done.