Currently, it is a bit hard to position the cursor when editing texts.
I thought of using the spacebar to move the cursor since it's quite a big button to do swipe gestures.
I filed a bug for my idea which can be tracked in the link below.
 - > https://bugs.launchpad.net/ubuntu-ux/+bug/1566172

As a proof of concept, I did this little hack to add the functionality.
This can be a temporary solution until my suggestion gets implemented officially or they think of a better way to improve cursor control.

Video of this in action:
https://www.youtube.com/watch?v=atEec1gXv8o

>>>>>How-To's<<<<<

File Path:
/usr/share/maliit/plugins/com/ubuntu/keys/

Sensitivity:
Adjust sensitivity by modifying the value of "intSensitivity".
The higher the value the less sensitivity.

Two Types:

-> Immediate Swipe

To initiate, swipe in the spacebar in either left or right direction.
Pressing and press/hold won't initiate the cursor control.

initialSensitivity can be adjusted to optimize the sensitivity of the first initiation.

-> Press and Hold:
Press and hold the spacebar to initiate.

Active Duration:
By default, the cursor control is active for 700 ms after you release the spacebar. This means you can reswipe again without pressing and holding again.
You can adjust this by changing the value of "duration"