Is it Fair Isle or Fair Isle Faux?
According to Wikipedia while it is most certainly "fair isle" it is also a variable of the traditional knitting technique which gained by popularity by the Prince of Wales who later became Edward VIII and was named for a tiny island in Scotland. The traditional technique never has more than 2 or 3 consecutive stitches in a row and only uses 2 colors per row and is knit in the round. The modern version is called "woven Fair Isle", where the unused strand is held in slightly different positions relative to the needles and thereby woven into the fabric, still invisible from the front, but trapped closely against the back of the piece.
"Fair Isle" is the technique often used to describe colourwork knitting where stitches are knit alternately in various colors, with the unused colours stranded across the back of the work. Others use the term "stranded colourwork" for the generic technique, and reserve the term "Fair Isle" for the characteristic patterns of the Shetland Islands. Other techniques for knitting in colour include intarsia, slip-stitch colour (also known as mosaic knitting).
So there you have it! I'm knitting the modern version of Fair Isle called "Woven Fair Isle" that became popular because the Prince of Wales wore fair isle tank tops in public in the early 1900's.