A lot has happened in the last 2 episodes of season 2 of Chewing Gum. [Spoler-y, so under cut.]
Not 1, but 2 people turn in their v-cards, one pair breaks up, old romance heats up, a couple of makeovers happen, Candice hides behind objects and people (actress probably heavily pregnant?).
Season 2 finale can work both as a season and a series finale, it feels whole and tied up, but has hints at what could happen next.
The third season has not been comfirmed yet. Sources close to Michaela say she's going to take a break from the show to focus on other projects, but season 3 could still happen sometime as E4 is keen for more Chewing Gum.
So it's not a "No". I, personally, hope it gets renewed, the last 2 eps were pretty good. Would you like to see season 3 happen?