GPS reception is a tricksy beast, especially in urban areas with
multipath etc., but it is not affected by rain or cloud cover. The
GPS frequency was chosen specifically so that it is not affected by
rain, etc.. At least not that you'd notice without any fancy
instruments.
Remember that GPS satellites are not geostationary and reception at
your 'sweet spots' might be good in the morning but bad in the
afternoon.
If you feel like learning more about GPS reception at a specific spot
and time, check out Trimble's free planning software: http://www.trimble.com/planningsoftware.shtml
You can specify a location and time and see the satellites you can
expect to be in view.
Cheers,
Markus