Holding the pencil for cursive writing is similar to the finger grip of the single side of chopsticks.
The correct way applies the tripod holding technique. Position of pencil on your writing hand stays at about 45 degree to the paper.
The grip consists of the thumb, index and middle and is nearer to the writing tip.
In the contrary, chopsticks position is more upright. The hand holds near to the upper ends of the utensil.
Below sharing a video produced by NewAmericanCursive, describing how to hold the a writing pencil correctly.