We develop a controlled weak coupling renormalization group (RG) approach to itinerant electrons. Within this formalism we rederive the phase diagram for two-dimensional (2D) non-nested systems. Then we study how nesting modifies this phase diagram. We show that competition between p-p and p-h channels, leads to the manifestation of unstable precursor fixed points in the RG flow. This effect should be experimentally measurable, and may be relevant for an explanation of pseudogaps in the high temperature superconductors (HTC), as a crossover phenomenon. ; Comment: 4 pages, 4 figures, 1 table