Preheat oven to 175°C (350°F). Grease and line a 9x13 inch pan with parchment.
Whisk flour, baking powder, and salt. Set aside.
Beat butter and sugar on medium-high for 4–5 minutes until very pale and fluffy.
Add eggs one at a time, beating 30 seconds after each. Add vanilla with the last egg.
Add flour and guava juice alternately in 5 additions. Mix until just combined each time.
Add food coloring if using. Pour into prepared pan. Bake 30–35 minutes until a toothpick comes out with a few moist crumbs.
Cool in pan 15 minutes. Lift out and cool completely on a wire rack.
Heat guava juice, sugar, and lemon juice for the soak until sugar dissolves. Cool and brush generously over the cooled cake.
Bloom gelatin in cold water 5 minutes. Microwave 10 seconds until liquid. Cool to room temperature.
Whip cold cream with powdered sugar and vanilla to soft peaks. Stream in cooled gelatin. Whip to firm peaks.
Spread whipped cream evenly over soaked cake. Refrigerate 30 minutes until firm.
Bloom gelatin for gel in cold water 5 minutes. Heat guava juice and sugar until sugar dissolves. Add gelatin off heat. Stir until dissolved. Cool completely.
Pour cooled gel evenly over chilled whipped cream. Refrigerate at least 2 hours or overnight until set.
Slice with a hot clean knife wiped between cuts. Serve cold.