This action is called a 'facepalm' in English. It expresses deep disappointment and frustration in response to a very absurd or embarrassing situation. It conveys complex emotions that are hard to put into words.

This gesture is also very famous as an internet meme. It's used as a reaction to someone else's foolish actions, as well as to express self-reproach for one's own mistake. It's a universal humor code that can be used in a similar context to Korean expressions like 'Heol' or 'This is ridiculous.'