what is its current status?
The regiment followed the 28th and 61st Regiments of Foot into history
Gloucestershire Regiment
 The colours, carrying more battle honours than any other regiment of the line, were then marched to the Soldiers of Gloucestershire Museum, and the regiment followed the 28th and 61st Regiments of Foot into history.
what is gloucestershire regiment ? A line infantry regiment of the British Army when was it formed? 1694
wiki:12489357
Gloucestershire Regiment [SEP] Later history
But by that time, the dissolution of the Soviet Union had prompted the government to restructure the armed forces. As a result, the Gloucestershire Regiment was amalgamated with the Duke of Edinburgh's Royal Regiment to form the Royal Gloucestershire, Berkshire and Wiltshire Regiment. The new regiment maintained the back badge tradition, and when it was in turn amalgamated in 2007, it passed the tradition on to its successor regiment, The Rifles, who wear the back badge with their ceremonial uniform. The Glosters paraded for the last time on 26 March 1994 in Gloucester. The colours, carrying more battle honours than any other regiment of the line, were then marched to the Soldiers of Gloucestershire Museum, and the regiment followed the 28th and 61st Regiments of Foot into history.