Quite often the iPod’s autocompletion gets the word wrong, requiring you to move your finger way up the screen to click the cancel button. This is a real hassle and breaks the flow of typing.
However I’ve found an easier way, I have two languages installed and hence have the change language button to the left of the spacebar, which you click to toggle between languages. Double tapping it turns out to be an effective and conveniently located cancel suggestion button 