Observations from a submerged GNSS antenna underneath a snowpack need to be analyzed to investigate its potential for snowpack characterization. The magnitude of the main interaction processes involved in the GPS L1 signal propagation through different layers of snow, ice, or freshwater is examined theoretically in the present paper. For this purpose, the GPS signal penetration depth, attenuation, reflection, refraction as well as the excess path length are theoretically investigated. Liquid water exerts the largest influence on GPS signal propagation through a snowpack. An experiment is thus set up with a submerged geodetic GPS antenna to investigate the influence of liquid water on the GPS observations. The experimental results correspond well with theory and show that the GPS signal penetrates the liquid water up to three centimeters. The error in the height component due to the signal propagation delay in water can be corrected with a newly derived model. The water level above the submerged antenna could also be estimated.