How do I reset the brake failure indicator in my 1977 GTB?
http://ferrarichat.com/forum/showthread.php?t=147994 this fixed mine. Make sure you clean all the contacts well. There is the one on the valve indicated and also clean the ones on the reservoir. My proportioning valve was fine and did not need replacement, but I pulled the sensor out of the valve and cleaned inthe valve with q-tips as well as sanding off the contact strip until it was bright copper. To get the valve, you need good access under the front of your car.
Usually the propportion valve under the front of the car is the problem. I had mine rebuilt once and it was OK for a few years. The problem is the contact. It is in a rubber plug and is very sensitive. Considering my brakes are good and this was an intermittent problem I just disconnected it. If you need to replace it the old Volvo one will do the trick and the contact is not as sensitive.
Then I think I try change it for one from Volvo. Parts from Volvo is very easy to find here in Norway.
Don't need to change the valve. just try cleaning it really well first. Can be done on the car. Just need good access underneath.