A method for fabricating a spin-valve GMR sensor having a reference layer with a magnetic moment that moves in an opposite direction to that of the free layer in the presence of external magnetic field transitions. The reference layer is a part of a three ferromagnetic layer structure, including pinned, intermediate and reference layers, that when the layers are taken pairwise and separated by spacer layers, includes a strongly exchange coupled synthetic ferrimagnetic pinned and intermediate layer pair and a weakly exchange coupled synthetic ferrimagnetic intermediate and reference layer pair. The reference layer, because of its weak coupling to the intermediate layer, has a magnetic moment that is free to move. During sensor operation, the reference layer and free layer move in opposite directions under the influence of external magnetic field transitions The novel three layer structure provides a sensor of increased sensitivity for a given track width.