A magnetoresistive read sensor based on the spin valve effect in which a component of the read element resistance varies as the cosine of the angle between the magnetization directions in two adjacent magnetic layers is described. The sensor read element includes two adjacent ferromagnetic layers separated by a non-magnetic metallic layer, the magnetic easy axis of each of the ferromagnetic layers being aligned along the longitudinal axis of the ferromagnetic layers and perpendicular to the trackwidth of an adjacent magnetic storage medium. The sense current flowing in the sensor element generates a bias field which sets the direction of magnetization in each ferromagnetic layer at an equal, but opposite, angle .theta. with respect to the magnetic easy axis thus providing an angular separation of 2.theta. in the absence of an applied magnetic signal. The magnetizations of both ferromagnetic layers are responsive to an applied magnetic field to change their angular separation by an amount 2.delta..theta..