Ford Repair: speed sensor code, f150 4x4, speed sensors

Question
03 f150 4x4 5.4l triton. Check engine light came on and overdrive light on shifter started flashing. Took to advance and they scanned it for me. Came back PO708 on the code  (sensor a shift sensor  high output?) What does this mean and how many speed sensors are on the truck and where are they????????

Answer
if this vehicle has 4 wheel abs, there is one sensor located on each front wheel and one sensor located in the middle of the rear axle. but i'm pretty sure the problem your having is coming from the transmission range sensor. on the side of your transmission the is a black sensor with a 5 or 6 pin connector . it's where the shift rod attaches. if you remove this, you'll probably find the connector corroed or full of water, clean it, apply a die-electric grease comound and replace the ransmission range sensor