United have suffered three successive defeats and another loss to Swansea on Saturday - who knocked them out of the FA Cup last week - would represent their worst run since 1981, when they lost eight games out of 10 and Dave Sexton was sacked.
The Welshman is convinced things will not get that bad, but knows the time to respond is now.
Giggs, speaking at the launch of a new partnership with Aperol Spritz, said: "It is a test of character but I am fully confident we will come through it and we will be okay.
"I have said many times over the years, the defeats and losses generate a bigger feeling than winning things. It sticks with you a lot longer.
"You have to react and you have to try and do something about it.
"It hurts. There are players at this club who only know winning.
"It is important for the older players, who have been through these sticky patches before, to help the younger ones."
Giggs knows it has been a trait of the Red Devils down the years to come out fighting after being backed into a corner.
And the 40-year-old sees no reason why that trend should not continue.
"That is what we have done in the past and that is what we will try and do at the weekend," he added.
"There are good players in the dressing room who probably haven't been playing to the best of our ability, both individually and as a team.
"If we do that, we win more matches than we lose.
"At United, we have never got carried away too much when we have been winning trophies and it is also the case that you don't get carried away when you are losing.
"We want to do something about it but we just do the same things as you have done over the years. We go back to basics."
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