WatchOS 7.0.2 Failed to launch the application

I have created the independent WatchOS application. I have a iPhone 7 plus connected to the system through USB. and watch series 5 paired to the iOS device. When I tried to run the WatchOS application through Xcode it is getting installed it seems but not getting launch. On Xcode it is showing only "Waiting to attach to watchapp WatchKit app to the ABC's Apple Watch".

I am using Xcode 12.1 and iOS version in 14.1. Please let me know how I can launch my watchOS application on Watch device with current state.
WatchOS 7.0.2 Failed to launch the application
 
 
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