No, however your next backup will not contain the photo as it is no longer on your phone (and iCloud only saves approx. 3 older backups so the one containing the photo will eventually no longer be available). Also, a word of caution...it seems like many users end up losing some or all of their photos when restoring to their iCloud backup. To be safe, don't rely on the backup but instead import your photos (and videos) to your computer, as described here: http://support.apple.com/kb/HT4083.
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