I wood apply paint or stain to it - you can go with anything from a clear coat, to a semi-transparent color, to a solid color. A fence and deck type stain would work well and you could select a color that would restore the fence to something closer to it's original wood color.
When I power wash my deck with only water, it looks close to brand new pressure treated wood. I usually treat it with a deck sealer made by Thompson. It will turn gray again within a year, and being on the North side of our home will have algae and mildew in spots. The pressure washing will take a toll on the grain over time. With a fence, it won't really matter. Treating it with a stain will most likely keep the color from returning to the gray weathered look.
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