If you have a budget of under £120 ($150) a day, you want to stick with 2 ad sets, I would go with a broad ad set and an interest ad set.

This is because lookalike takes testing to find the correct data pool to build upon, and retargeting requires a high volume of users to retarget to.

Having fewer ad sets also concentrates your budget to allow for faster optimisations.

Having many ad sets within a low-budget campaign can lead to ad sets not leaving the learning phase.