'Sandfie',
Yes, the baptism reference is (mostly) correct:
18 Aug. 1853 David s. of George & Ellen Denane, born 9 Aug. 1853.
Only 'David', not 'David Edward'.
Out of curiosity, I also looked in FreeBMD for him. No record of the registration of any Davids with remotely similar surnames in Cheltenham or even Gloucestershire.
Could they have been just passing through, or visiting, and registered him somewhere completely different?