Hi, I pulled up to a stop this afternoon and when I tried to pull away I had no forward gears only reverse. I backed it the 1/2 mile back home, had no issues with reverse. I pulled the codes and got P0720 output speed sensor insufficient input or circuit malfunction. If this sensor or it's wiring is failing/failed, would it cause the loss of forward gears? I could also use any ideas on what it might be if it's not the sensor.
Thanks!

2004 F150 Lariat crewcab 4X4