Is it still insider trading if from the outside with no breach of trust?
No, because "insider trading is the abuse of a fiduciary position" Fry v. UAL Corp., 84F.3d 936, 938 (1996). Furthermore, Chiarella v. U.S., 445 U.S. 222, 232 (1980) refutes the notion that "[t]he use by anyone of material information not generally available is ...
In england-and-wales, the offence of insider dealing is covered by Part 5 of the Criminal Justice Act 1993. The relevant provisions are set out below.
First, the definition of insider dealing which is relevant to the scenario:
52(1) An individual who has information as an insider is guilty of
insider dealing if, in the circumstances ...