Couple sets of steps to take.
First, reset your Apple Watch passcode,
- Put your watch on its charger and keep it there until you complete these steps.
- Press and hold the side button until you see Power Off.
- Press and hold the Digital Crown until you see Erase all content and settings.
- Tap Reset, then tap Reset again to confirm.
Next we’ll have to unpair your Apple Watch from your iPhone (without the iPhone)
- On your Apple Watch, tap Settings > General > Reset > Erase All Content and Settings.
- Type your password if prompted.
- For GPS + Cellular models, choose to keep or remove your cellular plan.
- If you want to pair your Apple Watch and iPhone again, keep your plan.
- If you don't want to pair your Apple Watch and iPhone again, remove your plan. If you aren't going to pair with a different watch or iPhone, you might need to contact your carrier to cancel your cellular subscription.
- Tap Erase All to confirm. This resets your Apple Watch to the factory settings.
This should let you pair your Apple Watch to your new iPhone.