This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
婄 combines 女 (woman) with 咅, which likely contributes the sound. The exact historical development is uncertain.
The left side is a woman 女, and the right side 咅 looks like a container with a lid. Without a clear meaning, imagine a woman holding a mysterious container whose contents are unknown.
For ホウ, imagine the woman holding the container and saying 'Ho!' in surprise: Ho -> ホウ.