Is it possible to update your iPhone 5 if it's jailbreaked?

I jailbreaked my iPhone in January and I would like to update it to iOS 7 when it comes out. And my question is… Is it going to be possible?

Yes. But you need to restore your phone first via iTunes which removes your jailbreak. You can then update your phone, but won't be able to jailbreak it again until iOS7 has been cracked and there's no absolute guarantee that will ever happen.