Apple Watch Won't Pair to iPhone X

Apple Watch series 3 would not pair to my iPhone X so I ended up resetting the watch to factory defaults. After this was done, I updated my phone to ios 14.8 and restarted both devices.

When I try to pair the watch to the phone, I get a message that says an update is available for the watch. When I touch the button that says Update Now, I get a message that says, "To update the software on your Apple Watch, you need to update the software on your iPhone."

My phone shows in settings that it's up to date with ios 14.8 .

Any suggestions?