British spelling of bicolor; something having two distinct colors.
From Latin 'bi-' (two) plus 'colour' (British spelling of color). This is the standard British English variant of the American 'bicolor.'
British and American English both use this term enthusiastically—the Union Jack flag is fundamentally bicolour-focused (red, white, and blue), and the deliberate color choices make it instantly recognizable and memorable across the globe.
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