Apple Watch Backup

You have an Apple Watch paired with an iPhone.

You want to pair the watch with a new iPhone but you don't want to restore the new one from a back up, you want to set it as "New iPhone", so:

You unpair the Apple Watch from the old one;

You pair the Apple Watch with the new one;

But, can you save your activity progress, data and awards with this process? There is an Apple Watch Backup on iCloud? Or the new iPhone take the Apple Watch data from the old iPhone backup without taking the rest?

thank you!