When I go into my world, when you look at the horizon it starts to wave. The graphics just start to move in a wavy effect. It started with the new update that gives a hint at the aquatic update that's coming. I have tried it with the toggle and without and it still is doing it. Please get this fixed.
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Does reducing the anti-aliasing setting help with this issue?
(You can find that under Settings→Video→Anti-Aliasing)

Please search your bug before reporting, as this appears to be a duplicate of MCPE-31585
Thank you for your report!
However, this issue has been closed as a Duplicate of MCPE-31585.
Your additional information and observations are very useful, so if you can add them to the comments section of the parent issue it would be appreciated.
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Im having same issue. Didnt start until this last update. Now the game is virtually unplayable.