After the massacre of the presidential palace, Morsy has lost a lot of his legitimacy before many Egyptian citizens. He's become in a very serious situation that doesn't allow him to make important political and economical decisions. He's became like caretaker governments, and he has to get rid of his counselors who led him to such situation. Furthermore, the continual muzzle put on the media in the name of cleansing it will make the President lose more and more.
It's clear now that Saudi Arabia hates MB being in power. Only Qatar supports and covers them, based on the American orders.
Egyptian Armed Forces considers itself, and is treated, as the protector of the Egyptian people, which makes it ready to intervene at any time to save the Egyptian national security which is being threatened by such division in the Egyptian society. This was emphasized by Mark Toner, U.S. State Department's spokesman, who said that U.S. administration is in touch with all Egyptians officials, including the Armed Forces.
This shows that Morsy doesn't have the same space to work, and he currently has only three options: First, to keep going ignoring his opposition and using violcecle with them, which will enable them to be in power either for hundreds of years or even for few months.
Second, he can offer real concessions to the civil currents in order to overcome the crisis and share power. Third, he can use the democratic tools of holding an early presidential elections. MB would argue: Referendum on Constitution draft is also a democratic tool that civil currents have to use and respect as well.
This is the typical problem of arguing with MB supporters. They can't see that Morsy won't leave power if the referendum result was “no”. On the other hand, I advice the National Salvation Front: Morsy to back off is a big victory for you, while overthrowing him is a big loss for you. Finally, U.S. Administration has proven again to have the important cards in the game.