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manual or auto?
It might be a failure but I'd check to make sure that 1) you have sufficient fluid, and, 2) the shift linkage at the trans hasn't failed.
Could be the electronics. Here is what the FSM says:
Has FIRST/REVERSE ONLY (NO 1-2 or 2-3 UPSHIFT)
1. Governor Circuit Electrical Fault
2. Valve Body Malfunction
3. Front Servo/Kickdown Band Damaged/Burned
Fixes
1. Test using scan tool and replace
2. Repair stuck 1-2 shift valve or governor plug
3. Repair replace servo/band
My suggestion would be to start with the electronics since they seem to be a frequent problem (Governor Pressure Sensor, Governor Pressure Solenoid Valve) and they aren't expensive or hard to replace. Although, if your fluid looks or smells burned, could be scenario number 3.... There is a way to replace the front band without taking the trans out of the truck. Do a search for that thread. Some good information there.