A GMR bottom spin valve sensor longitudinally exchange biased with a zero net magnetic moment biasing multi-layer is provided, together with a method of forming said sensor. The sensor may be additionally biased with a hard biasing layer formed against an abutted junction. The exchange biasing provides the advantages of a highly sensitive free layer in the bottom spin valve sensor element, while producing very strong exchange pinning of the lateral ends of the free layer. The zero net magnetic moment assures stability in the lateral edge and central region of the free layer.