The sender can choose to deactivate it if it isn't redeemed. Then it just stays in the sender's inventory, and the giftee cannot access it.
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I don't have a screenshot, but if you choose to send a gift item from your inventory to an email address, the item stays in your inventory until the recipient accepts the gift. There's no separate interface or anything, but there's a small notice in the item's description "sent to yourfriend@email.com". You can choose to revoke it from there if it hasn't been redeemed yet.
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Do a steam gift url (received by email) expire if it's not activated for long time?
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