Electric-field control of magnetism via an inverse magnetostrictive effect is an alternative path toward improving energy-efficient storage and sensing devices based on a giant magnetoresistance effect. In this Letter, we report on lateral electric-field driven strain-mediated modulation of magnetotransport properties in a Co/Cu/Py pseudo spin valve grown on a ferroelectric 0.7Pb[Mg1/3Nb2/3)]O3–0.3PbTiO3 substrate. We show a decrease in the giant magnetoresistance ratio of the pseudo spin valve with the increase in the electric field, which is attributed to the deviation of the Co layer magnetization from the initial direction due to strain-induced magnetoelastic anisotropy contribution. Additionally, we demonstrate that strain-induced magnetic anisotropy effectively shifts the switching field of the magnetostrictive Co layer, while keeping the switching field of the nearly zero-magnetostrictive Py layer unaffected due to its negligible magnetostriction. We argue that magnetostrictively optimized magnetic films in properly engineered multilayered structures can offer a path to enhancing the selective magnetic switching in spintronic devices.