A dual antiparallel (AP) pinned layer spin valve is provided for a read head wherein a sense current field opposes net ferromagnetic and demagnetizing fields from the first and second AP pinned layers on a free layer structure. In one embodiment the first and second AP pinned layers may be asymmetrical on each side of a free layer structure for providing a desired sense current field while in another embodiment one of the pinning layers may be insulative while the other is conductive so that the conductive pinning layer provides the necessary sense current field for counterbalancing the net ferromagnetic coupling and demagnetizing fields.