I'm no expert, but I'm wondering if you might have a tight IT band (iliotibial band)? I've been dealing with a bit of outer hip and lower back pain the past couple of months---definitely cycling-related. My BF, who cycles and is also trained in massage, pinpointed an overtight IT band as the main culprit. (Combined with generally tight quads.)

So, I'm doing gentle, but long-held stretches (while reading a book, for example) to encourage the IT band to loosen up. The stretches are making a huge difference! If you're curious, poke around here on TE a bit and elsewhere online to find good hip stretches, including the pigeon pose that mimitabby mentions in her post. (IFJane also demo'd one for me at a recent charity ride.)

I'd give your hip a few days rest and then give some gentle stretching a try........Ease into it; pushing too hard might make the tightness or pain worse before it gets better.

Good luck! I hope whatever it is clears up soon so you can get back on the bike!