The long-term truce was announced Tuesday, after Israel and Hamas agreed to halt fighting indefinitely, bringing an end to seven weeks of conflict.
The truce, brokered by the Egyptian government, was reached after two days of extensive negotiations in Cairo.
The terms of the deal appear to be almost the same as the one proffered at the beginning of the conflict, easing the blockage of Gaza to allow relief supplies and reconstruction materials to pass through.
It also extends the fishing limit to 6 nautical miles from 3 nautical miles.
Joyful Palestinians poured into the streets to celebrate.
However, fighting continued right up until the truce was declared, with one Israeli killed and several injured according to its officials, while in Gaza, two Palestinian children were reportedly killed in an airstrike.
Both sides will likely return to Cairo sometime within the next month to address more contentious issues, including Israel's call for militant grou ps to disarm, and Hamas' demands for an airport and seaport in Gaza and the release of Palestinian prisoners.
The ceasefire follows at least eight temporary truces during the course of the conflict that began on July 8th.
More than 22-hundred people were killed and tens of thousands were left homeless mostly in Gaza.
Sohn Jung-in, Arirang News.