A combined read/write magnetic head is disclosed in which the read head includes a magnetoresistive element (MRE) overlying a substrate of substantially magnetically impermeable material, a broken (discontinuous) flux guide overlying the MRE and a continuous flux guide overlying the broken flux guide. The write head of the combined read/write magnetic head overlies the read head and shares the continuous flux guide with the read head, the continuous flux guide serving as a bottom pole of the write head. Significantly, the dimensions of the various elements of the combined read/write magnetic head are chosen so that relatively little magnetic flux produced by the write head during writing, or entering the write head during reading, is communicated via the shared flux guide to the MRE.