It's Hill Street, looking from a few yards down from Navigation Street, towards Station Street. What gave it away to me was the tram waiting shelter which covered the width of the pavement there. New Street station is off the picture on the left. Below is another pic taken just after the war, after the damage had been cleared, but before the 39 Moseley Road tram finished on 1 October 1949 (I was on it).
The pub at No 78 on the corner of Severn Street was the Grapes, rebuilt in the 1980s and name changed to Mr Q's. It closed in 2005 and became a mini-mart. (thanks to Joseph McKenna's 'Central Birmingham Pubs, Vol 1').
Peter