The Blues keeper was sent off by referee Barry Knight moments before the half time break in the 3-1 defeat at Fratton Park for deliberately handling the ball outside of his area.
Blues appealed the referees decision but that has failed and the Northern Ireland international keeper will now miss two games - one for the sending off at Fratton Park and the other for that being his second red card of the season.
Taylor will miss the away game at Arsenal on May 1st and the home game with Liverpool the week after on May 8th.