Yes, it's the three-way junction at Salford Bridge, now sheltered by Spaghetti Junction, probably in the last few weeks of operation in 1953, when everyone was taking pics. The picture was taken from just about on the bridge, with Gravelly Hill slightly to the right, and Slade Road on the left. Tyburn Road was off the picture, way out right.
Here's another pic I took in June 1953, just before the end.
Peter