We have investigated the magnetic correlations and low-energy magnetic exci
tations in a layered manganite La1.2Sr1.8Mn2O7 which shows colossal magneto
resistance (CMR) behaviour. Our results confirm the coexistence of both fer
romagnetic and antiferromagnetic correlations above T-C approximate to 126
K. In addition we have discovered dispersive low-energy magnetic excitation
s of energy of 0.1-0.4 meV propagating along [001] in the ferromagnetic pha
se below Te which we have analyzed within an effective exchange model of we
akly coupled ferromagnetic double layers.