We present a detailed theoretical characterization of the two fundamental collective resonances underlying the xenon giant dipole resonance (GDR). This is achieved consistently by two complementary methods implemented within the framework of the configuration-interaction singles (CIS) theory. The first method accesses the resonance states by diagonalizing the many-electron Hamiltonian using the smooth exterior complex scaling technique. The second method involves a different application of the Gabor analysis to wave-packet dynamics. We identify one resonance at an excitation energy of 74 eV with a lifetime of 27 as and the second at 107eV with a lifetime of 11as . Our work provides a deeper understanding of the nature of the resonances associated with the GDR: a group of close-lying intrachannel resonances splits into two far-separated resonances through interchannel couplings involving the 4d electrons. The CIS approach allows a transparent interpretation of the two resonances as new collective modes. Due to the strong entanglement between the excited electron and the ionic core, the resonance wave functions are not dominated by any single particle-hole state. This gives rise to plasma-like collective oscillations of the 4d shell as a whole.