Transferring photos library between two external drives when using iCloud

Hi.....I am looking for advice about transferring my photos library between two external drives. I know how to make the transfer between the drives but can find no information on what happens to my iCloud photos library after I make the transfer. I currently keep the originals on a drive at home and would like to put it on a portable drive. The library is also backed up to icloud. If I transfer the library from one drive to another will iCloud recognize the library on the new drive?