Which iOS has your iPhone installed?
You can erase the watch without the paired iPhone, have a look at the related article:
Unpair and erase your Apple Watch - Apple Support
Then set your iPhone back to factory settings and try again to pair the watch.
Restore your iPhone, iPad or iPod touch to factory settings
In case you have Beta Software installed on your iPhone, which might be a reason for not being able to pair the watch correctly, remove the Beta from your iPhone before you pair your watch.
Apple Beta — Restore Shipping Software
In case you did run Beta on your iPhone and during pairing the watch also got updated to a Beta watchOS, you can not downgrade the watchOS anymore and have to wait for the public release of a stable version.