絞 is built from the 糸 and 交 components.
It reads コウ like 交, as do 効, 較, and 郊 — learn 交 once and the family's reading comes with it.
A common word using 絞 is 絞る (しぼる), meaning “to press, to wring, to squeeze”.
Kanji that look similar include 紫, 結, 絡, and 給.
