Talking to Nicky Campbell on BBC Radio 5 live, Mr Clegg said the process should lead to a more democratic and open future for the country.
He said he could understand the "intense frustration" of people who had hoped for more from last night's presidential address
But the UK government would not be giving a "running commentary", he said.
Meanwhile Foreign Offfice Minister Lord Howell has told fellow peers that the Egyptian army faces "grim options."
During a debate Lord Howell said one "obvious" option would be for the army to mount a military coup.
Another was that they could simply hope to control the crowds.
But a third option was for the military to be drawn into a clash "if massive numbers of people" tried to attack key institutions.
The minister went on to praise the reporting of events in the country, saying "very brave people" had covered the protests, but no-one could predict what was going to happen.
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