After a 3-2 victory over Manchester City in Sunday's showdown at the Etihad, United are six points clear of the second-placed Blues.
Along with the encouraging scoreline, Giggs believes the imminent return of skipper Nemanja Vidic puts them in great stead ahead of a hectic Christmas schedule.
Giggs told the club's official website: "The squad is looking good at the moment and we've got our captain, Nemanja Vidic, coming back soon.
"We have got everything in place for the busy Christmas period and the confidence of such a great result.
"We accept that we are letting too many goals in and we've had to come from behind too often, but the signs are there that this could be a very good season for us.
"Chelsea (another 3-2 win), Newcastle (a 3-0 victory) and City away have been our three best performances and you probably can't get three bigger challenges.
"The quality and the form is there, we just need the consistency - which we will hopefully get now the Champions League is over (until February) and internationals are gone, and we can purely concentrate on the Premier League and later the FA Cup."