

Code for the new watch face was found in iOS 11.4 and watchOS 4.3.1, and it appears that the new watch face will animate with moving threads of color that shift whenever the display is tapped.
The watch face will become available on Monday, June 4 at 12:00 p.m. Pacific Time, which suggests it will be made available to all iOS users through an over-the-air update to watchOS 4.3.1. On Twitter, a user was able to change the date on his Apple Watch and the new face showed up, confirming it will release for everyone just after the keynote event wraps up.
It is not clear if Apple has any other pride-related announcements in store to accompany the new watch face, such as a new pride band. It is also not known if Apple plans to release additional watch faces with watchOS 5, but last year's watchOS 4 release did include new faces.
Apple always celebrates San Francisco Pride and participates in the parade, with the event set to take place on Saturday, June 23 and Sunday, June 24 this year, so it makes sense for the company to release a new rainbow Apple Watch face ahead of that date.
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Article Link: Code in watchOS 4.3.1 Hints at Upcoming Apple Watch Face Inspired by Rainbow Flag