When on a straight road or when it is safe to do so we wave.
Just the most common thing to do here, and in other parts of Europe.
When you overtake some one (that is passing on the left of the UK-ers

) on the highway/speedway/dualcarriageway you stick out your right leg. Most riders do a small wave or just lift their left arm a bit (salute) when they are being overtaken.
Corners or other moments you need
both hands on the steering wheel it is either a nod or couple of left-hand fingers sticking up.
Standing still at traffic light or just speeding from stillstand is also most nod.
This is for me personal, some riders only nod, some only wave.
The left leg you do see a lot, seem as the nod and waves.