> Informally, the Gibbs phenomenon reflects the difficulty inherent in approximating a discontinuous function by a finite series of continuous sine and cosine waves. It is important to put emphasis on the word finite because even though every partial sum of the Fourier series overshoots the function it is approximating, the limit of the partial sums does not. The value of x where the maximum overshoot is achieved moves closer and closer to the discontinuity as the number of terms summed increases so, again informally, once the overshoot has passed by a particular x, convergence at that value of x is possible.
> There is no contradiction in the overshoot converging to a non-zero amount, but the limit of the partial sums having no overshoot, because the location of that overshoot moves. We have pointwise convergence, but not uniform convergence. For a piecewise C1 function the Fourier series converges to the function at every point except at the jump discontinuities. At the jump discontinuities themselves the limit will converge to the average of the values of the function on either side of the jump. This is a consequence of the Dirichlet theorem.[11]
Meta nitpick: the Gibbs phenomenon is a statement about any arbitrary finite decomposition. The limit of the wave form as the number of terms goes to infinity is in fact exactly a square wave.