England were knocked out in the quarter-finals of the Hong Kong Sevens, leaving Olympic qualification in doubt.
A 14-12 loss to eventual winners Fiji means they have three World Series legs left to secure a spot in Rio next summer for Team GB.
England are currently ranked fifth in the world with only the top four assured of Olympic qualification.
"We are working hard, we're confident that will carry us through to the Olympics," said captain Tom Mitchell.
England lost 12-7 in the Plate semi-final to fourth-placed Australia, but Mitchell says the side are making progress.
Sevens is making its Olympic debut next year and England's men's and women's teams were chosen to compete for Great Britain in qualifying after finishing the 2013-14 Sevens World Series higher than Wales and Scotland. If they earn Team GB a place, the squad will be drawn from players from all three countries.
The next World Series leg takes place in Tokyo, Japan, next week with England facing Fiji, Wales and Hong Kong in the group stages.
Twickenham and Glasgow's Scotstoun Stadium host the final events of the 2014-15 series.
There is a second-chance European Olympic qualifying tournament this summer if England do not finish in the top four.
"We know what we need to work on and we've a week to do that before Tokyo," added Mitchell.
"We've got a quick turnaround but we've shown we can mix it with the best. We love playing Fiji and we just want to get back out there now."
A 33-19 victory over reigning champions New Zealand saw Fiji win their 15th Hong Kong Sevens title.
Along with South Africa, the finalists look to have guaranteed their spots in Rio.
Wales and Scotland met in last four of the Bowl at Hong Kong Stadium after failing to progress from their pools, with Scotland winning the final 26-5 against France.
England had progressed from Pool D thanks to a 26-19 opening win over Wales and a 17-7 success against Kenya, before drawing 21-21 with USA.