Hamas welcomes ceasefire

Residents in Gaza City celebrate after a ceasefire was announced between Hamas and Israel.

Thousands of people took to the streets, honking their horns... and waving flags.

Under the agreement, brokered by Egypt, Israel and Hamas agreed to stop their bombing campaigns.

The situation is still tense.

Both sides say they're ready to resume hostilities if the other fails to comply with the terms.

Hamas leader Khaled Meshaal spoke at a news conference.

(SOUNDBITE)(Arabic) HAMAS LEADER, KHALED MESHAAL, SAYING:

"This agreement today... we will observe this agreement. If Israel complies, we will comply as well. And if Israel does not stick to its obligations, our finger is on the trigger and if you fire again, we will fire."

For most people the ceasefire means security and better nights rest.

Residents who had sought shelter at a United Nations school packed up mattresses and their belongings to return home.

If the ceasefire does hold, both Israel and Hamas will discuss improved conditions for the Gaza crossings.