Combine strawberries, sugar and ⅓ cup of water in a saucepan. Heat until boiling.
Stir in cornstarch that has been dissolved in ⅓ cup of water. Cook and stir until mixture boils. Reduce heat and simmer for 3 minutes, stirring occasionally.
Remove from heat, add food coloring and lemon juice.
Peel and slice bananas. Add to sauce and cently stir to coat bananas.
Serve at room temperature.