Check the transmission fluid level.
The sensor for speed may be tripping or not tripping causing the overdrive to engage or disengage at a particular speed.
Understanding the Hydraulic Control System
The hydraulic pressure used to operate the servos comes from the main transmission oil pump. This fluid is channeled to the various servos through the shift valves. There is generally a manual shift valve, which is operated by the transmission selector lever, and a shift valve for each up shift the transmission provides.
Most automatic transmissions are electronically controlled; electrical solenoids are used to control the hydraulic fluid. The shift solenoids are regulated by an electronic control module. Shift timing is regulated through sensor feedback information provided to the electronic controller.
On older transmissions there are two pressures that control the shift valves. One is the governor pressure which is affected by vehicle speed. The other is the modulator pressure which is affected by intake manifold vacuum or throttle position. Governor pressure rises with an increase in vehicle speed, and modulator pressure rises as the throttle is opened wider. By responding to these two pressures, the shift valves cause the up shift points to be delayed with increased throttle opening to make the best use of the engine's power output.
Older transmissions also make use of an auxiliary circuit for downshifting. This circuit may be actuated by the throttle linkage, vacuum that actuates the modulator, or by a cable or solenoid. It applies pressure to the downshift surface on the shift valve or valves.
The transmission modulator also governs the line pressure, used to actuate the servos. In this way, the clutches and bands will be actuated with a force matching the torque output of the engine.