If you pass everything on the rest of your course you will be able to graduate. If you fail any more credits in the rest of your degree, following all available assessment attempts, you will not be eligible for an honours degree, because you cannot fail more than 30 non-core credits across your whole degree; however, the Board of Examiners would consider whether you are eligible for an exit award.
The degree classification rules are based on your degree mark and the number of credits you have achieved within a given class. Having a mark below a pass mark could lower your overall degree mark. For further information, see the full Rules of Assessment.