Would losing Gibraltar have redirected British imperial ambitions?

Would Gibraltar's loss have redirected British ambitions toward Central or South America?

Probably not, but the loss would have become more consequential once the Suez Canal made control of the Mediterranean route central to British influence.

The answer does not expect the fortress's loss to have substantially redirected British expansion in the Americas. Its strategic cost would grow later, however, when access through the Mediterranean became essential to Britain's influence over the Suez Canal and the routes beyond it. A base's value at the time of capture may be smaller than the importance it acquires as transport networks change.