You are having an allergic reaction to the penicillin. You've stopped taking the penicillin?? Good.
Have you got glandular fever then? If so, glandular fever is caused by a virus rather than bacteria so anti-biotics of any kind are no good to you. All you can do is rest, drink plenty of fluids, take painkillers such as ibuprofen and paracetamol, and unfortunatly no sport, so stay off the bike! It should clear up by itself in a few weeks time with no lasting effects. I've had it a few years ago, and it lasted about six weeks.
I'm also a bit of an expert on allergies, I'm allergic to nuts and mushrooms and plasters (but I don't eat the plasters lol) In my early stages of allergic reactions, I have exactly what you are describing, I itch everywhere and break out in hives and spots. This was all that used to happen, the itching and spots would stay for about 4 days and then gradually disappear, anti-histamines would help, Piriton is one of the best you can buy over the counter. You can also use calamine lotion to ease the itching, its the stuff you use when you have chicken pox.
My allergic reactions gradually got worse and worse, to the point I was blistering, all over my skin, in my mouth and down my throat. Your lucky in one respect that you can just avoid penicillin from now on (I find nuts and mushrooms in a lot of foods), make sure its put on the front of your medical records (my allegy to plasters wasn't and when I came round from a knee op I found plasters on my knee - and an allegic reaction well under way - its now in big red letters on the front of my records!) and that your mates know about it, if your taken to hospital and your unable to talk or whatever, your mates could be the ones that save you from a repeat performance.
My allergies are now at a point, that they are classed as life threatening, I could have a anaphylaxis reaction and I have to carry an epi-pen with me, which is adrenaline, and could save my life.
Anaphylaxis shock usually occurs within minutes of the initial allergic reaction, so I don't think your having one of those, if you are, it will be too late by the time you've read this. But there are rare occasions where it can occur later, if you start to have difficulty breathing call an ambulance, treatment for anaphylaxis has to be given urgently, once your airway starts to swell, time is against you, not that I'm trying to scare you!

I'd go and see your gp tomorrow, he can prescribe stronger anti-histamines which will make the itching a lot better, he can also prescribe some cream (can't think what it is now) which helps the itching, but you can buy that over the counter anyway (I'm in Wales - so get cheap prescriptions - its cheaper than buying over the counter), if you've got a chemist open nearby I'd go and get some, trust me, it makes it feel a lot better.