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I want to generate price of a synthetic currency pair. For example, I have EURGBP, GBPUSD prices and I want to generate EURUSD price. I preferred to use these already existing currency pairs to verify the calculation.

EURUSD(ask) = EURGBP(ask) * GBPUSD(ask)

EURUSD(bid) = EURGBP(bid) * GBPUSD(bid)

Is this correct?

Thanks in advence

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Yes, that's correct:

Formula 5.2

(FCa / FCb)ask = (FCa / DC)ask ×(DC/FCb)ask

(FCa / FCb)bid = (FCa / DC)bid ×(DC/FCb)bid

Where FCa and FCb are the two foreign currencies and DC is the domestic currency.

source: https://www.investopedia.com/exam-guide/cfa-level-1/global-economic-analysis/spot-market.asp

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You can see how to calculate cross currency rates at FX and MM training

disclaimer I authored the page

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