Reykjavík is the capital of Iceland and the world's most northern national capital.
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General tip - since hitchhiking common enough in Iceland, you can always try asking the local bus drivers or at the tourist information offices for good spots. They might not have experience with hitchhiking, but they will with driving around, and will be happy to help.
Direction: North (Borgarnes, Ísafjörður, Akureyri, Þingvellir, Geysir)
It's not really possible to hitch out of the city center. You'll have more luck if you take bus 15 (460 IKR; no change given and the official Stræto ticket app often does not accept foreign credit cards) from the Hlemmur bus stop towards Mosfellsbær. This will take you out to the number 1 ring road. Look out for a KFC in a little retail park - the stop name is Háholt. You can get off here and head to the roundabout round the corner and hitch from there. There are also budget grocery shops nearby (Bónus, Krónan) which sometimes give free food away.
You also have the possibility to get further out of the city by taking bus 57 or 29 to Esjurætur with the same bus ticket.
Direction: East along Route 1 (Vik, Höfn, etc.)
Once again, you will first need to get out of the center. A good spot to start is next to a large Olis gas station on the edge of town. Bus no. 5 from the Hlemmur Bus Station will get you there (280 IKR). Ask to get off at the Olis station on Norðlingabraut street, and you can ask the bus driver for a hitching spot - some of them know. Then get on to Route 1 and wave your thumb. Once you start going East, you can get wherever you want.
Direction: West (Keflavík, Airport)
Catch bus 1 ( or bus 34 if that is more conveniant) from Reykjavik to Hafnarfjörður (280 ISK) which stops for 5 minutes at the main bus station in Hafnarfjörður and then proceeds further into Hafnarfjörður (Bus 1 "Hfj. Vellir"). Get off at the stop Suðurhvammur, from there it looks like a regular highway onramp, but actually it is not a highway, so while you can hitch directly then and there on the onramp it is generlly quicker and easier to just walk onto the main road and walk along that road for a 100 meters or 200 meters until you find a place where cars can pull over.
Hitchhiking from the city directly is not the easiet.